0

0

0

0

0

0

0

0

0

This article is more than 2 year old.

Law firm issues apology to Indiabulls Housing Finance over false suit, shares jump 14%

Mini

Indiabulls Housing Finance on Tuesday received a public apology from Managium Juris LLP, the office of Kislay Panday for filing a petition against the housing finance company with false and sensational allegations in regards of merger with Lakshmi Vilas Bank.

Law firm issues apology to Indiabulls Housing Finance over false suit, shares jump 14%
Indiabulls Housing Finance on Tuesday received a public apology from law firm Managium Juris LLP for filing a petition against the housing finance company with false and sensational allegations related to the merger with Lakshmi Vilas Bank.
In the press release, Managium Juris said, “We came across a public disclosure made by Indiabulls Housing Finance Ltd regarding their plans to merge with Lakshmi Vilas Bank. Sensing this as a delicate and critical phase for the company and therefore an opportunity for the clients to exert pressure and with a view to sensationalize the matter certain scathing allegations were made by them in the petition involving huge numbers against the company and its officials.”
Indiabulls Housing Finance had denied allegations of misappropriation of Rs 98,000 crore of public money. The petition was filed in the Supreme Court.
Indiabulls Housing Finance shares jumped 13.99 percent intraday to Rs 575.95 per share on the NSE.
The law firm further continued by saying that all the similar false and factually incorrect complaints have been withdrawn that came through their office. Managium accepted the fact that they sensationalized allegations against Indiabulls and caused harassment to the company.
“We now realize that misrepresentations and incorrect facts in the complaints/petitions have caused serious financial and reputational loss to Indiabulls, its promoters, directors, officials and shareholders. We undertake not to indulge in such activities ever in future and assure all concerned that neither me or my firm shall, whether directly or indirectly, file any kind of litigations or complaints against Indiabulls Group or its companies”, said the press release.
At the end of the release, the law firm also hinted on other people trying to scuttle Indiabulls Housing merger with Lakshmi Vilas Bank for their own vested interests and reasons.
Indiabulls Housing Finance
next story