The Exchanges have sought clarification from Indiabulls group companies with respect to a news article appearing on www.business-standard.com April 27, 2021, titled “Police book Indiabulls promoters, directors; firm moves court to quash FIR”.
According to the report in Business Standard, the Maharashtra Police has booked Indiabulls group companies, including its flagship Indiabulls Housing Finance (IBHL), for allegedly siphoning off funds and for accounting irregularities committed by the promoters and directors of the company between 2014 and 2020.
A first information report was registered by the Palghar police on April 13 under various sections of Indian Penal Code dealing with cheating, fraud and criminal conspiracy.
The company reportedly had filed a petition last week seeking quashing of the proceedings in the Bombay High Court.
Indiabulls Housing Finance Ltd was trading at Rs188.80 per piece up by Rs6.85 or 3.76% at around 12.20 pm, from its previous closing of Rs181.95 per piece on the BSE.
Indiabulls Real Estate Ltd. was trading at Rs81.55 per piece up by Rs0.05 or 0.06% at around 12.20 pm from its previous closing of Rs81.50 on the BSE.
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