Business Standard

Indiabulls petitioners withdraw from SC amid hints of criminal conspiracy

IANS  |  New Delhi 

Housing Finance Ltd. said on THursday that Abhay Yadav, the petitioner who alleged that the company and its misappropriated funds, withdrew his from the

IANS has been repeatedly pointing out that the petitioners filed the plea with malafide intent. housing share closed 11.86 per cent higher, up Rs 73.65 to close at Rs 694.70. The episode proves once again that vested interests, despite SEBI's supervision, can trip companies through acts of jiggery-pokery.

A criminal filed on Monday in the alleged that about Rs 98,000 crore had been siphoned out of the company by senior officials using a web of shell companies. said on Wednesday the petitioner had admitted in court that the was defective in nature and that he would approach the court after rectifying it. The whole shenanigan smacks of a criminal conspiracy in which shareholder wealth was eroded significantly.

The petition had alleged that Sameer Gehlaut, of the firm, with the help of Harish Fabiani, an NRI based in Spain, allegedly created multiple "shell companies" to which IHFL loaned huge sums of money under "bogus and non-existent pretexts".

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, June 13 2019. 16:26 IST
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