Tuesday 18 June 2019
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business-standard - 7 days ago

Indiabulls moves SC, seeks urgent listing of plea filed against it

Indiabulls Housing Finance Ltd (IHFL) moved the Supreme Court Wednesday seeking urgent listing of a plea which alleged that it misappropriated Rs 98,000 crore of public money. The matter was mentioned for urgent listing before a vacation bench of Justices Indira Banerjee and Ajay Rastogi. Senior advocate A M Singhvi, appearing for IHFL, said that frivolous allegations have been levelled in the plea to blackmail the company due to which they have incurred a loss of Rs 7,000 crore of its market share in two days. Singhvi told the bench that this plea has been filed for blackmailing tactics and it is a noble way of defaming the company as the petitioner, after filing the petition, leaked it to the media and the story was widely carried. I (IHFL) am a respondent (in the petition) and I am taking a risk by requesting for urgent listing. Please list this petition for hearing as we are incurring huge loss, he told the bench. When the matter was mentioned in the morning session, the ...

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