Shares of four Indiabulls group companies tumbled amid reports that a public interest litigation has been filed against Indiabulls Housing Finance's accounting practices.
Indiabulls Housing Finance (down 5.41%), Indiabulls Integrated Services (down 4.96%), Indiabulls Ventures (down 4.26%) and Indiabulls Real Estate (down 3.4%) tumbled.The S&P BSE Sensex was up 187.07 points, or 0.51% at 36,831.49.
Indiabulls Housing Finance (IBH) clarified to the bourses before trading hours today, that it has learned through the media that a PIL (public interest litigation) has been filed against the company (IBH) & promoters in Delhi High Court. The petition has not yet been filed in High Court as per its website, but leaked in social media with malicious intent to create turbulence in IBH stock price.
The purported PIL admits that allegations are same as in earlier petition of Abhay Yadav which was subsequently withdrawn. Abhay in his statement admitted that allegations against IBH were based on incorrect and twisted data and he had filed it at behest of the mastermind of blackmailing racket who was then arrested and is in jail, the company stated.
Instead of going to regulatory agencies & making complaint, the petitioners chosen route of PIL to attract attention & play into hands of blackmailers & corporate rivals at a sensitive time of merger process of IBH & Laxmi Vilas Bank. For past 3 months, IBH is undergoing inspections of regulators as part of merger process. IBH is determined to fight out petitioners in court, IBH added.
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