High Court (India)

October 01, 2019

Indiabulls Housing Finance Ltd Seeks Early Delhi High Court Hearing On Fraud Allegations After A Record Share Slump

[ By Bobby Anthony ]


Indiabulls Housing Finance Ltd is seeking to bring forward a court hearing on fraud allegations after a record share slump of 35%.

Currently, the Delhi High Court hearing is scheduled for mid-December, but Indiabulls is in the process of moving applications for an earlier hearing of the petition.

Earlier, the Delhi High Court and the police moved to begin separate probes to examine allegations of fraud and misappropriation against Indiabulls and Lakshmi Vilas Bank Ltd, with which it has sought an approval to merge.

Indiabulls Managing Director Gagan Banga told investors recently the company has got an opportunity to put out in public domain it has been sharing with regulatory agencies.

It may be recalled that Non-bank Financing Companies’ (NBFC) balance sheets have come under greater scrutiny after the collapse of IL&FS in 2018 highlighted broader debt concerns.

Incidentally, both Indiabulls and its target Lakshmi Vilas Bank Ltd are seeking to increase profitability and bolster capital even as the the crisis in the shadow banking sector drags on.

Meanwhile, it has also been reported that the Ministry of Corporate Affairs has also been investigating three Indiabulls Group companies since about a year and is expected to submit its final report shortly.

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