Indiabulls approaches SC, seeks early hearing in petition against it

Top court says matter to be listed only in July; Indiabulls claims petition was filed only to blackmail the company

In response to a petition alleging malpractice and fraud to the tune of about Rs 98,000 crore at Indiabulls Housing Finance Limited (IHFL), the company today approached the Supreme Court with a plea that the case be heard urgently as rumours about the allegations in the petition were leading to a fall in its stock price. Shares of the company have fallen continuously over the past two days leading to a near Rs 7,000 crore erosion of market capitalisation, Senior Advocate Abhishek Manu Singhvi, appearing for Indiabulls Housing Finance said. The top court said the plea would be heard only