Financial services company Indiabulls Housing Finance Limited on Thursday announced that a writ petition filed against it in the Supreme Court, alleging misappropriation of Rs 98,000 crore of public money, had been withdrawn.
The petition, which had been filed on Monday, had been described by Indiabulls as “bizarre”.
On Thursday, Indiabulls issued a statement noting that the petitioner, Abhay Yadav, had withdrawn the petition. The Indiabulls statement refers to Yadav filing an affidavit in which he claims he was “not aware of the contents and allegations mentioned in the complaints or the petition”.
Yadav's affidavit states that the documents signed by him were “misused to file false complaints and petitions against Indiabulls with malafide intentions”.
In his affidavit, Yadav claims he did not know “anything” about Indiabulls or its executives”. Yadav claims to have purchased four shares of Indiabulls in May after which he was asked to “sign a detailed bulky complaint, which was addressed to various government officials, ministers”.
Indiabulls had argued in the Supreme Court on Wednesday that Yadav had bought four shares worth Rs 3,000 with “the sole purpose of blackmail and extortion” and claimed the writ petition was filed in the apex court in a bid to damage the company.
also read
- 'Can't control elections': Supreme Court reserves order in EVM-VVPAT case
- Here are the 5 questions Supreme Court asked ECI on EVM, VVPAT and control unit
- A day after SC remark, Patanjali comes up with a bigger public apology in newspapers
- SC directive on pleas seeking 100% EVM-VVPAT verification today. What we know so far
Following the news of Yadav withdrawing his writ petition, shares of Indiabulls on the BSE Sensex zoomed over 9 per cent to hit 678 at 2.30pm. Shares of Indiabulls had tanked by around 8 per cent on Tuesday as news of the petition alleging misappropriation of Rs 98,000 crore emerged.
