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SC raps petitioner for defective plea against Indiabulls
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SME Times News Bureau | 12 Jun, 2019
The Supreme Court on Wednesday pulled up for filing a defective
application a petitioner, Abhay Yadav, who has alleged that Indiabulls
Housing Finance Ltd (IHFL) misappropriated Rs 98,000 crore of public
money.
Earlier on Wednesday, IHFL senior counsel A.M. Singhvi
urged the vacation bench comprising Justices Indira Banerjee and Ajay
Rastogi to list the matter for hearing urgently, as frivolous
allegations have been made against the company in the petition, which
has been deliberately leaked to the media.
The company counsel
represented that as a consequence of these acts, IHFL's market
capitalisation has been eroded by Rs 8,000 crore in the two days since
filing of the petition, causing losses to lakhs of shareholders.
The
court observed that while the petitioner has sought directions against
respondent numbers six and seven, but, surprisingly, no identities have
been assigned against them in the writ petition.
Singhvi said
that the petitioner had deliberately filed the plea in the vacation
bench and created circumstances for the press to discuss it.
"A
petition has been filed against Indiabulls, but the company has not been
included in the list of respondents", he said, raising an objection to
the petition.
The court rapped the petitioner, asking him to rectify the defects and said the matter will be taken up in July.
Singhvi
said the company is already facing a huge loss in share value arising
from the press reports following a plea filed by a milk vendor, who
holds a total of only four shares.
The company alleged it is being blackmailed through the use of a novel technique.
According to IHFL, Yadav became its shareholder after purchasing the shares from the stock exchange on May 9.
In
a statement earlier, IHFL has described the allegations against its
Chairman Sameer Gehlaut and other directors as "bizzare" and designed to
malign the reputation of the company.
The statement came after a
plea was filed in the apex court on Monday seeking legal action against
Indiabulls, Gehlaut and the other directors for alleged
misappropriation of public money. It said thousands of crores had been
siphoned off by Gehlaut and the directors of the firm for their personal
use.
"The total loans on the books of Indiabulls Housing are
approx Rs 90,000 crore. The allegation of siphoning-off Rs 98,000 crores
is bizarre," the company said in a regulatory filing.
The
company said that a racket of blackmailers has been trying to extort
money from Indiabulls over the last two months threatening to write
complaints to various government departments alleging siphoning off Rs
55,000 crore if Rs 10 crore was not paid to them, following which the
company filed an FIR on June 4.
It further said that one of the
people involved in the blackmail was arrested on June 7. Following the
arrest, the group of people involved floated another complaint enhancing
the amount in question to Rs 98,000 crore.
IHFL said the writ petition is a "desperate attempt" to malign its reputation.
The statement also said that the petitioner had bought four shares in the company a month back.
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