JM Morgan to evaluate Indiabulls buyback plan

The board of directors of Indiabulls Financial Services, which met yesterday, appointed J M Morgan Stanley as merchant banker and financial advisor and Nishith Desai Associates as legal advisor to give independent advice on a proposal to buy back shares.

According to a release issued by Indiabulls to the BSE today, the board will meet again within 15 days to consider the buy back proposal after receiving reports from advisors, and completion of audit of the financial accounts of the company for the six months ended September 30, 2005.