The Delhi High Court had quashed the ED probe against the company and held that no coercive action should be taken against Indiabulls.
Directorate of Enforcement has moved the Supreme Court to challenge the Delhi High Court’s order quashing a probe against home finance company Indiabulls. ED will seek for the probe against the company to continue, to bar for setting aside of Delhi HC order.
The Delhi High Court had quashed the ED probe against the company and held that no coercive action should be taken against Indiabulls.
The Supreme Court is likely to take up the case today for a hearing.
In February, the Enforcement Directorate searched the premises of Indiabulls Housing promoter Sameer Gehlaut and other related entities and individuals. To increase the market price of its stocks, the company, according to the law enforcement organisation, loaned money to related entities.
“The ECIR stems out of an FIR filed by one Ashutosh Kamble, who is part of the long-running extortion and blackmail racket against the company. The Division Bench of the Hon’ble Bombay High Court on April 27, 2021, passed a detailed order staying all investigations in the matter,” Indiabulls Housing had said in a regulatory filing.
According to a regulatory filing, SEBI and MCA inspected the company’s books of accounts. SEBI did not find any wrongdoing on the part of Indiabulls concerning the specific allegations in the PIL and the complaints against it.
The Securities and Exchange Board of India (SEBI) is the regulatory body for securities and commodity market in India under the ownership of Ministry of Finance , Government of India. It was established on 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
The shares of Indiabulls Housing Finance fell nearly 10 percent in Monday’s session. The stock of the company was trading 6.2 percent lower at Rs 126.9 on BSE at 1:09 pm.
The Indiabulls Group is an Indian conglomerate headquartered in Gurgaon, whose primary businesses are housing finance, consumer finance, and real estate. The Group also has a presence in wealth management, construction equipment rentals, pharmaceuticals and LED lighting.
Source : MoneyControl
