Home / Companies / Start-ups /  Indiabulls Housing Finance terms siphoning charges as bizarre

Terming allegations of siphoning of 98,000 crore as "bizarre", Indiabulls Housing Finance Ltd (IBHFL) on Monday said the writ petition filed in the Supreme Court is an attempt to "malign" the company's reputation and create hurdles in its merger with Laxmi Vilas Bank.

A plea was filed in the Supreme Court Monday by Abhay Yadav seeking legal action against IBHFL, its Chairman and directors for alleged mis-appropriation of 98,000 crore of public money.

"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.

The company said the filing of writ petition is a "desperate attempt to malign our reputation." IBHFL also mentioned that the petitioner had bought four shares in the company only a month back.

The company also alleged that the writ petition has been filed at a time when it is in the process of getting a regulatory approval of merging itself with Laxmi Vilas Bank, the statement added.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Recommended For You
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout