Indiabulls Housing moves SC for urgent hearing against misappropriation allegations

Indiabulls Housing Finance Limited has approached the Supreme Court for an urgent hearing on a petition filed against it, its Chairman and directors for alleged misappropriation of Rs 98,000 crore of public money. A bench headed by Justice Indira Banerjee said that it would decide on urgent listing of plea at 2 PM today.

Senior advocates Abhishek Manu Singhvi, representing Indiabulls claimed that petition against the company alleging fraud is a blackmailing technique and hence their petition should be listed urgently for hearing. The petition which was filed by an individual named Abhay Yadav a few days back had alleged that money worth thousands of crores were siphoned off by Sameer Gehlaut, the chairman of the Indiabulls, and the directors of Indiabulls for their personal use.