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HC allows Indiabulls Housing plea to quash FIR filed by shareholder

The Division Bench of Bombay High Court on April 27, 2021 stayed all investigations in the matter. (Photo: Bloomberg)Premium
The Division Bench of Bombay High Court on April 27, 2021 stayed all investigations in the matter. (Photo: Bloomberg)

  • The FIR was filed after a Palghar magistrate’s 7 April, 2021 order based on a complaint by Ashutosh Kamble, a shareholder of Indiabulls Housing Finance, accusing the company’s promoters and directors of siphoning off funds and engaging in accounting irregularities

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The Bombay High Court on Wednesday allowed a petition by Indiabulls Housing Finance Ltd to quash a first information report (FIR) filed by a shareholder at Wada, Palghar district, accusing the company of cheating, criminal breach of trust and siphoning off funds.

A detailed court order, however, is awaited.

The FIR was filed after a Palghar magistrate’s 7 April, 2021 order based on a complaint by Ashutosh Kamble, a shareholder of Indiabulls Housing Finance, accusing the company’s promoters and directors of siphoning off funds and engaging in accounting irregularities. Kamble claimed in his complaint to the magistrate that between 2014 and 2020, he suffered a devaluation of his shares as a result of alleged misdealing by IHFL.

 On 21 February the Enforcement Directorate, acting on the basis Kamble’s FIR, conducted searches at the company premises.

The probe agency’s investigation was based on an Enforcement Case Information Report (ECIR) filed by it under the Prevention of Money Laundering Act, 2002 (PMLA) against Indiabulls Housing, its promoter Sameer Gehlaut and a number of other linked companies and individuals.

Indibulls Housing at that point of time had clarified in an exchange filing that the company had provided all the details to the probe agency pertaining to the FIR.

The Division Bench of Bombay High Court on April 27, 2021 stayed all investigations in the matter.

“We prima facie are of the opinion that the complaint filed by the complainant appears to be malafide and deficient,“ the court noted.

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