Indiabulls Group companies’ shares dived on Friday after a report suggested that Delhi High Court granted petitions to probe Indiabulls Housing. Indiabulls Ventures Ltd declined 16%, Indiabulls Real Estate plunged 10%, and Indiabulls Housing Finance Ltd was down 6.4%.
The petition claimed that Indiabulls Housing gave “dubious loans” worth billions to shell firms through companies owned by the group’s founders to expand their wealth.
An appeal was filed in the apex court on 10th June seeking action against Sameer Gehlaut, Indiabulls Housing Finance promoter, and other directors for alleged misappropriation of public money. On13th June, however, the petitioner, Abhay Yadav, withdrew the writ petition. According to Indiabulls, Yadav, in a testimony, stated that he wasn’t aware of the contents and allegations mentioned in the request or the complaints.