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Indiabulls Housing Finance Ltd moves SC for listing of plea against it alleging misappropriation of funds

indiabulls housing finance ltd

Singhvi told the bench that frivolous allegations have been levelled against Indiabulls Housing Finance Ltd in the petition and the plea was leaked to the media.

 

New Delhi| The Indiabulls Housing Finance Ltd (IHFL) Wednesday moved the Supreme Court seeking an urgent listing of a plea filed against it in which it has been alleged that the company misappropriated Rs 98,000 crore of public money.

Senior advocate A M Singhvi, appearing for the company, mentioned the matter for urgent listing before a vacation bench comprising justices Indira Banerjee and Ajay Rastogi.

Singhvi told the bench that frivolous allegations have been levelled against the company in the petition and the plea was leaked to the media.

He said that due to the media reports regarding the filing of the petition against the company, IHFL, has incurred a loss of around Rs 7,000 crore of its market share.

The bench said it would take a decision during the course of the day about the listing of the plea.

The allegations have severely affected Shares of Indiabulls Housing Finance. The company’s stock had hit a 52-week low of 576.35 on Tuesday after the report and ended the session falling 8%.

The share of the company on Wednesday was trading near four-month low and chart by Reuters suggested more downside in the coming days.

At 11 am, Indiabulls Housing Finance was at 6.54% at 632.60, lowest since 20 February. The stock has broken below its support price at 642.07.

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