Indiabulls Housing Finance shares rise 8%, writ petition withdrawn

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Bengaluru: Indiabulls Housing Finance Ltd on Thursday said a writ petition alleging financial misdeeds against the mortgage lender had been withdrawn, sending shares nearly 8% higher. A criminal writ petition filed on Monday in Supreme Court alleged that about 98000 crore ($14 billion) had been siphoned out of the company by senior officials using a web of shell companies.

NEW DELHI: Shares of Indiabulls Housing Finance soared 11 per cent in Thursday’s trade in a knee-jerk reaction to the announcement that Abhay Yadav, who had filed a petition against promoter Sameer Gehlaut and the company over alleged fund misappropriation, has withdrawn his case in the Supreme Court.

Indiabulls housing finance shares soar after writ petition alleging financial misdeeds against company withdrawn Business Press Trust of India Jun 13, 2019 15:43:52 IST Mumbai: In a big relief to Indiabulls Housing Finance, the petitioner who had approached the Supreme Court alleging misappropriation of funds, has withdrawn the same on Thursday.

Indiabulls Housing Finance Ltd on Thursday said a writ petition alleging financial misdeeds against the mortgage lender had been withdrawn, sending shares nearly 8% higher. A criminal writ petition filed on Monday in India’s Supreme Court, alleging that about 980 billion rupees ( billion) had.

Mumbai (Maharashtra) [India], June 13 (ANI): Indiabulls Housing Finance said on Thursday the petitioner, who had filed a plea in Supreme Court alleging misappropriation of Rs 98,000 crore by the company, has withdrawn the writ petition.. A day earlier, the vacation bench of Justices Indira Banerjee and Ajay Rastogi had posted the matter for hearing in July after the company sought an urgent.

Shares of Indiabulls Housing Finance surged 8% after falling 5% intraday. The company said that the writ petition filed in the Supreme Court against company and Sameer Gehlaut has been withdrawn.

NEW DELHI: Indiabulls Housing Finance Ltd. said on Thursday that Abhay Yadav, the petitioner who alleged that the company and its Chairman Sameer Gehlaut misappropriated funds, withdrew his writ petition from the Supreme Court. IANS has been repeatedly pointing out that the petitioners filed the plea with malafide intent.

Indiabulls Housing Finance Ltd on Thursday said a writ petition alleging financial misdeeds against the mortgage lender had been withdrawn, sending shares nearly 8% higher. Shares of Indiabulls Housing Finance plunged over 10 percent on Monday amid allegations of embezzlement of more than Rs 1 lakh.

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