Bombay Stock Exchange/
The news of the withdrawal of the petition sent the Indiabulls Housing Finance scrips soaring up to 9 per cent after the shares tanked by 8 per cent on Tuesday.
In a big relief to Indiabulls Housing Finance, the petitioner who had approached the Supreme Court alleging misappropriation of funds, withdrew the plea on Thursday.
The petition had alleged that the company had misappropriated ₹98,000 crore of public money, a claim which was termed as “frivolous and bizarre” by the company, which had sought urgent hearing in the matter.
The news of the withdrawal of the petition sent the IBHF scrips soaring and the stock rallied close to 9 percent up at ₹677 a piece on the Bombay Stock Exchange, after tanking up to 8 per cent on Tuesday following the writ petition.
In an affidavit, Abhay Yadav, the petitioner, claimed that he is not aware of the contents and allegations mentioned in the complaints or the petition, the company said in a statement.
“I now realise that such papers, affidavits, applications etc were signed by me have been misused to file false complaints and petitions against Indiabulls with malafide intentions,” the statement quoted Mr. Yadav as saying.
The statement also quoted Yadav as saying “four shares of Indiabulls were purchased in my name in May 2019 and thereafter I was asked to sign a detailed bulky complaint which was addressed to government officials, ministers etc.”
“I apologise with folded hands for unknowingly having signed the complaints, petition, applications etc without realizing its contents therefore I have decided to unconditionally withdraw the writ petition diary No 20710/2019 titled Abhay Yadav vs Sebi and others,” added Mr. Yadav.
The company had moved the Supreme Court on Wednesday seeking urgent listing on the plea filed against it but the Supreme Court, which is on a summer vacation, posted the matter for July.
Senior advocate A.M. Singhvi, appearing for the company, mentioned the matter for urgent listing before a vacation bench comprising justices Indira Banerjee and Ajay Rastogi. Mr.Singhvi said that frivolous allegations have been levelled against the company and the plea was leaked to the media in advance by the petitioner with mala fide intentions.
He also added that due to the media reports on the petition, his client has incurred loss of around ₹7,000 crore of its market value in the past three trading sessions.
The petition had alleged that money worth thousands of crores were siphoned off by Sameer Gehlaut, the Chairman of the firm, and the directors for their personal use.
Mr. Yadav had alleged in the petition that Mr. Gehlaut, with the help of Harish Fabiani - an NRI based in Spain, created multiple shell companies to which IBHF loaned huge sums of money under bogus and non-existent pretexts. These companies further transferred the loan amount to other companies, which were either run, directed or operated by Gehlaut, his family members or other the directors of the company, the plea had alleged.
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