Indiabulls Housing moves SC for listing of plea against it alleging misappropriation of funds

The Indiabulls Housing Finance Ltd (IHFL) Wednesday moved the Supreme Court seeking an urgent listing of a plea filed against it in which it has been alleged that the company misappropriated Rs 98,000 crore of public money. 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.

Singhvi told the bench that frivolous allegations have been levelled against the company in the petition and the plea was leaked to the media. He said that due to the media reports regarding the filing of the petition against the company, IHFL, has incurred a loss of around Rs 7,000 crore of its market share.

The bench said it would take a decision during the course of the day about the listing of the plea.

(With inputs from agencies.)