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the petitioner, who had filed a plea in Supreme Court alleging misappropriation of Rs 98,000 crore by the company, has withdrawn the writ petition.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 hearing of the case claiming that the petition against it alleging fraud is just a 'blackmailing tactic.'

"Abhay Yadav, the petitioner, today has withdrawn the writ petition in Supreme Court," Indiabulls said in a statement after informing the stock exchanges of the development.

Yadav said in his affidavit: "I am not aware of the contents and allegations mentioned in the complaints or the petition. 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 petitioner further added: "I apologise with folded hands for unknowingly having signed the complaints, petition, applications, etc without realising its contents. Therefore I have decided to unconditionally withdraw the Writ Petition Diary No 20710/2019 titled Abhay Yadav vs SEBI and Others and I am taking necessary steps in this regard. I don't know anything about Indiabulls, its promoter, directors or anything about their business. I apologise to all of them for causing harm to their reputation and business. It was never my intention to do so. I am extremely sorry for this."

Yadav said: "That 4 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 various government officials, ministers, etc."

The petition filed by Yadav a few days ago had alleged that thousands of crores of rupees were siphoned off by Sameer Gehlaut, Chairman of Indiabulls Housing Finance, and directors of the company for their personal use.

Senior advocate Abhishek Manu Singhvi, appearing for the company, told the bench on Wednesday that frivolous allegations have been levelled against the firm in the petition and the plea was leaked to the media.

He also contended that the company's shareholders have lost close to Rs 7,000 crore in two days, adding that the petitioner, a milk vendor, bought four shares of the company only about three weeks ago. The plea is an ingenious way to blackmail the company using the judicial process, Singhvi argued.

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