The Delhi High Court has issued notice to Citizens Whistle Blower Forum in a perjury application against it by Indiabulls..The Court had recently issued notice to Indiabulls in a plea by the Forum seeking a direction for an in-depth and time-bound investigation by a Special Investigation Team into the “illegalities and violations” committed by Indiabulls Housing Finance Ltd (IBHFL), its subsidiaries and promoters..Appearing for Indiabulls, Senior Advocate Mukul Rohatgi argued that “every statement” made in the petition filed by the petitioner before Court was false..It is alleged in the petition that IBHFL, through its promoters and their various group companies and subsidiary companies, has been advancing dubious loans to companies owned by large corporate groups, which in turn have been routing the money back to the accounts of companies owned by the promoters of Indiabulls..To establish its claim, the petitioner had listed five instances which pertained to companies like Reliance Anil Dhirubhai Ambani Group, Vatika Group, DLF Group etc..The petition claimed,.“Out of a total loan of Rs. 1580 crores that five Reliance ADAG companies received from IBHFL in loans, Rs. 570 crores were invested back in nine Indiabulls subsidiaries through debentures…...IBHFL loaned about Rs. 4600 crores to 51 companies of Vatika Group, many of which were pass-through companies, with a paid-up capital of barely Rs. 1 lakhs. Agnes Developers, one of the Vatika Group companies, ploughed back Rs. 200 crores each….…Similarly, IBHFL has put in more than Rs. 1705 crores in 48 companies of DLF Group, many of which have negative worth. Interestingly, three DLF group companies have invested Rs. 66 crores back in EMU Realcon, an Indiabulls subsidiary.”.To dispute the assertions, Rohatgi submitted before Court that out of these 5 loans, “4 loans have been returned” and only Rs 600 crore is left to be given by Vatika Group..In view of the fact that the share value of Indiabulls has eroded from Rs. 450 to Rs. 210 after the allegations by the petitioner, Rohatgi also sought to advance the next date of hearing in the plea to avoid further damage to the company as well as its shareholder..Additionally, Rohatgi also contended that the content of the petition was the same as that of a petition which was filed before the Supreme Court but was later withdrawn..He also brought to the Court’s notice that the Supreme Court petition was filed through one Kislay Panday who also apologized for the same..The matter would now be heard next on October 24 instead of December 13..Last month, the High Court had passed an order restraining Subramanian Swamy and web portal PGurus from publishing or disseminating or uploading any false and defamatory allegations against Indiabulls Housing Finance Ltd..Bar & Bench is available on WhatsApp. For real-time updates on stories, Click here to subscribe to our WhatsApp.
The Delhi High Court has issued notice to Citizens Whistle Blower Forum in a perjury application against it by Indiabulls..The Court had recently issued notice to Indiabulls in a plea by the Forum seeking a direction for an in-depth and time-bound investigation by a Special Investigation Team into the “illegalities and violations” committed by Indiabulls Housing Finance Ltd (IBHFL), its subsidiaries and promoters..Appearing for Indiabulls, Senior Advocate Mukul Rohatgi argued that “every statement” made in the petition filed by the petitioner before Court was false..It is alleged in the petition that IBHFL, through its promoters and their various group companies and subsidiary companies, has been advancing dubious loans to companies owned by large corporate groups, which in turn have been routing the money back to the accounts of companies owned by the promoters of Indiabulls..To establish its claim, the petitioner had listed five instances which pertained to companies like Reliance Anil Dhirubhai Ambani Group, Vatika Group, DLF Group etc..The petition claimed,.“Out of a total loan of Rs. 1580 crores that five Reliance ADAG companies received from IBHFL in loans, Rs. 570 crores were invested back in nine Indiabulls subsidiaries through debentures…...IBHFL loaned about Rs. 4600 crores to 51 companies of Vatika Group, many of which were pass-through companies, with a paid-up capital of barely Rs. 1 lakhs. Agnes Developers, one of the Vatika Group companies, ploughed back Rs. 200 crores each….…Similarly, IBHFL has put in more than Rs. 1705 crores in 48 companies of DLF Group, many of which have negative worth. Interestingly, three DLF group companies have invested Rs. 66 crores back in EMU Realcon, an Indiabulls subsidiary.”.To dispute the assertions, Rohatgi submitted before Court that out of these 5 loans, “4 loans have been returned” and only Rs 600 crore is left to be given by Vatika Group..In view of the fact that the share value of Indiabulls has eroded from Rs. 450 to Rs. 210 after the allegations by the petitioner, Rohatgi also sought to advance the next date of hearing in the plea to avoid further damage to the company as well as its shareholder..Additionally, Rohatgi also contended that the content of the petition was the same as that of a petition which was filed before the Supreme Court but was later withdrawn..He also brought to the Court’s notice that the Supreme Court petition was filed through one Kislay Panday who also apologized for the same..The matter would now be heard next on October 24 instead of December 13..Last month, the High Court had passed an order restraining Subramanian Swamy and web portal PGurus from publishing or disseminating or uploading any false and defamatory allegations against Indiabulls Housing Finance Ltd..Bar & Bench is available on WhatsApp. For real-time updates on stories, Click here to subscribe to our WhatsApp.
