Bombay High Court quashes FIR against Indiabulls Housing Finance Limited alleging siphoning of funds

The Court allowed Indiabulls' application which challenged a magistrate court order permitting initiation of criminal proceedings against the company.

The Bombay High Court on Wednesday quashed a First Information Reports (FIR) registered against Indiabulls Housing Finance Limited (IHFL) based on a complaint of a shareholder who alleged that the company was siphoning off funds [Indiabulls Housing Finance Ltd & Ors v. The State of Maharashtra].

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