Delhi High Court notices IndiaBulls Housing, Reserve Bank, Sebi for alleged misconduct

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New delhi date. September 27, 2019, Friday

The allegations were made by the Delhi High Court against Indiabulls Housing Finance Ltd (IHFL), the regulatory system of banking and markets, as well as allegations of alleged misconduct by the promoters of Indiabulls and its subsidiaries, and the shortage of funds.

The court has asked the promoters of Indiabulls Housing Finance, the Securities and Exchange Board of India (Sebi) and the Reserve Bank of India (RBI) and corporate affairs ministry to respond to the notice within two weeks.

The inquiry petition calls for the Registrar of Companies (ROC), Sirius Fraud Investigation Office (SIFO), National Housing Bank (NHB), Reserve Bank of India, Sebi to take action against Indiabulls Housing Finance Limited and its promoters. The petition was filed by the Citizens Whistleblower Forum, an organization working to provide a platform for Wishblowers.

Indiabulls Housing Finance Ltd gave loans to suspected-suspected companies through its promoters and various group companies and subsidiary companies to large corporate group-owned companies, which financed the loans by increasing the accounts of companies owned by Indiabulls promoters.

Prominent documents such as balance sheets, ROC records that are available in the public domain, indicate that a large number of Web companies are involved in various questionable deals, loans, investments, round trips of funds and the benefits of being owned by promoters of Indiabulls. Has been reported.

The High Court has said that the petition should be heard by Indiabulls Housing Finance Ltd in a petition for public interest. The petition also sought to order the Corporate Affairs Ministry to investigate the matter through scandals. Apart from this, the RBI and NHB have also been asked to give orders for investigation and audit of the company's finances. Investors-funded panic selling of shares of Indiabulls Group companies was upheld today following a Delhi High Court petition.

Shares of Indiabulls Group companies today fell by 8% to Rs. 1.7, Indiabulls Ventures Ltd. by 1.7%, and by Rs. Indiabulls Housing Finance Ltd, Indiabulls Integrated Services Ltd, down 5.7% to Rs. 8 per cent to close at Rs .7.15 was Rs .136.45.


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