Delhi HC agrees to hear PIL seeking SIT probe into Indiabulls Housing

PIL alleges fund diversion, accounting irregularities at Indiabulls, seeks SIT probe into the company, HC issues notice

The Delhi High on Friday agreed to hear a Public Interest Litigation (PIL) filed against Indiabulls Housing Finance Limited, which has alleged fund diversion and accounting irregularities. A two-judge Bench led by Chief Justice D N Patel issued notice to Indiabulls Housing Finance, its promoters, the Reserve Bank of India (RBI), and the Ministry of Corporate Affairs and sought their response within 2 weeks.

The PIL, filed by non-government organisation Citizens Whistle Blower Forum has sought a Special Investigation Team-led probe into alleged irregularities, siphoning of funds, and other violations committed by the promoters of Indiabulls Housing. The plea alleges that