Share price of Indiabulls Housing Finance (IHFL) shed 8.2 percent in the early trade on May 11 after legal action filed against the company for alleged misappropriation of Rs 98,000 crore of public money.
A plea has been filed in the Supreme Court June 10 seeking legal action against IHFL, its Chairman and directors for alleged misappropriation of Rs 98,000 crore of public money.
The petition alleged that money worth thousands of crores were siphoned off by Sameer Gehlaut, the chairman of the firm, and the directors of Indiabulls for their personal use.
Abhay Yadav, the petitioner who claimed to be an IHFL shareholder, alleged that Gehlaut, with the help of one Harish Fabiani - an NRI based in Spain, allegedly created multiple shell companies to which IHFL loaned huge sums of money under "bogus and non-existent pretexts".
Also Read - Plea in SC for action against Indiabulls Housing for misappropriating Rs 98K cr public money
These companies further transferred the loan amount to other companies which were either run, directed or operated by Gehlaut, his family members or other directors of Indiabulls, the plea alleged.
"This entire chain of scam would have never been possible without the conniving with the auditors, credit rating agencies and concerned officials of the respective government departments," the plea said.
The plea also sought directions to Securities and Exchange Board of India (SEBI), Centre, Reserve Bank of India (RBI), Income Tax Department or the competent authority to restore, protect and conserve the defrauded and misappropriated investors' money.
At 0930 hours Indiabulls Housing Finance was quoting at Rs 691.50, down Rs 41.55, or 5.67 percent on the BSE.
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