Refuting allegations of misappropriation of around Rs 98,000 crore by its Chairman Sameer Gehlaut and other directors, Indiabulls Housing Finance Ltd (IBHFL) on Tuesday termed the charges as 'bizarre' and was meant to malign the reputation of the company. Indiabulls's statement comes after a petition was filed in the Supreme Court on Monday alleging that money worth thousands of crores were siphoned off by Gehlaut and the directors of the firm for their personal use.
"The writ petition is filed only today and is not heard by the court....The total loans on the books of Indiabulls Housing is approx ₹90,000 crore. The allegations of siphoning off of ₹98,000 crore is bizarre," IBHFL said in a statement. Indiabulls claimed that the plea was a desperate attempt to halt its merger process with Laxmi Vilas Bank.
The plea sought legal action against the company, Gehlaut and the directors for the alleged misappropriation of public money. Rubbishing the claims in the petition, Indiabulls wondered if it was possible for a company with a loan book of Rs 90,000 crore to siphon off Rs 98,000 crore.
