Indiabulls accuses Prashant Bhushan of Perjury

Delhi HC on Tuesday asked an Non Governmental Organization (NGO) seeking a probe into alleged financial irregularities against Indiabulls Housing Finance Ltd (IBHFL), to respond to the company’s plea. The company has accused advocate Prashant Bhushan of perjury in the Public Interest Litigation (PIL) filed by the Non Governmental Organization (NGO).

A bench of Chief Justice D N Patel & Justice C Hari Shankar issued notice to Citizens Whistle Blower Forum, the petitioner Non Governmental Organization (NGO), & its member Bhushan. The court gave it time till Oct 24 to clarify its stand on the perjury application & a separate plea by the company for dismissing the Public Interest Litigation (PIL) with costs.

The court listed the matter for next hearing within this month after senior advocate Mukul Rohatgi on behalf of the company urged the bench for an early date, arguing that even pendency of the Public Interest Litigation (PIL) is making the firm suffer financial losses.

In the perjury plea, Indiabulls Housing Finance Ltd (IBHFL) has demanded prosecution of Bhushan, alleging that without even basic inquiry or research, he has moved the court straightaway & didn’t make any representation to any authority but is still “falsely alleging inaction by statutory authorities.”

It has further accused Bhushan of making false statements, suppressing material facts & presenting “incomplete & half-baked information.”

The firm has maintained that of the five companies Indiabulls Housing Finance Ltd (IBHFL) had loaned money to, 4 have repaid & the 5^th — Vatika — has to pay back Rs 600 crore out of the Rs 4,600 crore loaned to it. Rohatgi highlighted that the HC plea has “lifted portions” of a petition moved against the company in the Top Court that was later withdrawn by the petitioner.

Last week, the court had issued a notice to the company on the Public Interest Litigation (PIL) alleging that monies loaned by Indiabulls Housing Finance Ltd (IBHFL) to various companies were routed back to its promoters through other entities.

The Non Governmental Organization (NGO) further wants a direction to the ministry of corporate affairs to investigate through serious fraud investigation office into the alleged irregularities. The members of the Non Governmental Organization (NGO) include former Delhi HC CJ A P Shah, former Chief of Naval Staff Admiral L Ramdas, former IAS officer Aruna Roy & Bhushan.

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