Indiabulls Housing Finance terms siphoning charges as bizarre

A plea was filed in the Supreme Court seeking legal action against IBHFL, its Chairman and directors for alleged mis-appropriation of Rs 98,000 crore of public money.

NEW DELHI: Terming allegations of siphoning of Rs 98,000 crore as "bizarre", Indiabulls Housing Finance Ltd (IBHFL) on Monday said the writ petition filed in the Supreme Court is an attempt to "malign" the company's reputation and create hurdles in its merger with Laxmi Vilas Bank.

A plea was filed in the Supreme Court Monday by Abhay Yadav seeking legal action against IBHFL, its Chairman and directors for alleged mis-appropriation of Rs 98,000 crore of public money.

"The writ petition is filed only today and is not heard by the court....The total loans on the books of Indiabulls Housing is approx Rs 90,000 crore. The allegations of siphoning off of Rs 98,000 crore is bizarre," IBHFL said in a statement.


The company said the filing of writ petition is a "desperate attempt to malign our reputation."

IBHFL also mentioned that the petitioner had bought four shares in the company only a month back.

The company also alleged that the writ petition has been filed at a time when it is in the process of getting a regulatory approval of merging itself with Laxmi Vilas Bank, the statement added.
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