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real estate | IST

Setback for Indiabulls Housing Finance: Delhi High Court issues notice

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In a setback for Indiabulls Housing Finance, Delhi High Court has accepted the public interest litigation (PIL) filed against it. The PIL alleges round-tripping of funds by IHFL. IHFL had argued strongly against the issuance of notice.

In a setback for Indiabulls Housing Finance, Delhi High Court has accepted the public interest litigation (PIL) filed against it. The PIL alleges round-tripping of funds by IHFL. IHFL had argued strongly against the issuance of notice.
The case will now be heard on December 15. Notice has also been issued to RBI, SEBI and Ministry of Corporate Affairs (MCA) on allegations made in the PIL.
The PIL filed in Delhi High Court, alleges siphoning off and round-tripping of funds by IBHFL promoters. It seeks an SIT led investigation into the alleged violations, offences. It also accuses inaction by regulators such as RBI, SEBI, SFIO, ROC and NHB.
The PIL also seeks directions to MCA for authorising the Serious Fraud Investigation Office (SFIO) to probe alleged financial irregularities.  It also seeks directions to RBI and SEBI to investigate and take necessary actions.