A criminal writ petition filed on June 10 in the Supreme Court, alleging that about $14 billion had been siphoned out of the company by senior officials using a web of shell companies.
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Shares of Indiabulls Housing soared more than 9 percent intraday on June 13 after a writ petition alleging financial misdeeds against the mortgage lender was withdrawn.
A criminal writ petition filed on June 10 in the Supreme Court, alleging that about $14 billion had been siphoned out of the company by senior officials using a web of shell companies.
The company said on June 12 the petitioner had admitted in court that the petition was defective in nature and that he would approach the court after rectifying it.
At 1426 hrs, Indiabulls Housing was quoting Rs 679, up 9.31 percent on the BSE.
(With inputs from Reuters)Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.First Published on Jun 13, 2019 02:30 pm
