Indiabulls goes downhill after regulatory pressures mount

By IANS | Published: October 1, 2019 10:36 AM2019-10-01T10:36:04+5:302019-10-01T11:16:20+5:30

Sameer Gehlaut, the founder of Indiabulls group, has been in spotlight for wrong reasons with petitions filed against his group firms for alleged wrong-doings but the Rohtak man is among the handful who have completed the journey of a billionaire at warp speed.

Indiabulls goes downhill after regulatory pressures mount | Indiabulls goes downhill after regulatory pressures mount

Indiabulls goes downhill after regulatory pressures mount

Gehlaut and his firms have been in news lately for alleged round-tripping of funds involving Indiabulls Housing Finance Ltd.

In a public interest litigation (PIL) filed in the Delhi High Court, Citizens Whistle Blower Forum has alleged that his company indulged in alleged irregularities, violations and siphoning of funds.

The Court has issued a notice to the company, Ministry of Corporate Affairs (MCA), Reserve Bank of India (RBI) and the Securities and Exchanges Board of India (SEBI) in the case. The next hearing is scheduled on December 15.

Indiabulls Housing Finance has, however, refuted the charge, terming the allegations as pack of lies. The company has filed an application before the Court for perjury and misrepresentation under oath against lawyer-activist Prashant Bhushan for willfully filing a PIL full of false and incorrect information and thereby causing willful reputational loss to the company

In a statement, Indiabulls Housing Finance said that the company has also filed criminal defamation case against Prashant Bhushan under Sections 499, 500 and 501 under Indian Penal Code for conniving with blackmailers and defaming the company.

( With inputs from IANS )

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