High Court to hear Indiabulls Housing Case on October 24

01 Oct 2019

Categories: Latest News Corporate Law News

In a relief to Indiabulls Housing Finance, caught in the midst of regulatory& legal issues, Delhi HC has admitted its plea of perjury committed by Prashant Bhushan & brought forward the date of the public interest litigation to 24th Oct. from 13th Dec.

After the shares tanked 38 per cent on Monday post the public interest litigation, Indiabulls Housing has sought an earlier court hearing on alleged siphoning of funds & fraud allegations.

“The Delhi HC has accepted the plea of perjury against Prashant Bhushan & others & brought forward the date of the hearing to Oct 24th from Dec 13th,” said a source.

Earlier Delhi HC has also asked Indiabulls, Reserve Bank of India (RBI), & the Securities & Exchange Board of India to file replies within two weeks & fixed the next date of hearing on Dec 13, 2019.

Shares of Indiabulls Housing Finance has been under pressure post the filing of the public interest litigation & Reserve Bank of India (RBI) putting Lakshmi Vilas Bank under prompt corrective action on low capital, high leverage & a negative return on assets for 2 consecutive years.

Shares of Indiabulls Housing fell 6.48 per cent to Rs 238.95 compared to previous close on the Bombay Stock Exchange (BSE) till 12:40 pm.

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Tags : Delhi High Court Indiabulls Reserve Bank of India (RBI) public interest litigation (PIL) Securities and Exchange Board of India Bombay Stock Exchange (BSE) fraud allegation

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