Bombay HC stays investigation under FIR against Indiabulls Housing

Says charges malafide, casts doubts on bonafide of complainant

A Division Bench of the Bombay High Court on Tuesday stayed all investigations by the Palghar police regarding a first information report against Indiabulls Housing Finance (IBHL) for allegedly siphoning off funds and for accounting irregularities. 

In its order, the court cast serious doubts on the bonafides of the complainant — Ashutosh Kamble, a shareholder of the company.

IBHL had approached the court and the petition was taken up for urgent hearing. The court noted that the Supreme Court has laid down that “interference at the stage of investigation can be justified only in exceptional cases …”

Noting the malafide intent of the