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Probe against Indiabulls Housing Finance; Bombay HC stays all investigations

By Rashbana Thansi      03 May, 2021 04:33 PM      0 Comments
Probe against Indiabulls Housing Finance

On April 27, 2021, the Bombay HC stayed the probe against Indiabulls Housing Finance. The investigation was done on an FIR filed against Indiabulls Housing Finance (IHFL) in Palghar district on April 13. 

The court observed it to be an exceptional case and passed detailed order staying all investigation in the matter. IHFL is India’s second-largest housing finance company

FIR against IHFL

Ashutosh Kamble, a shareholder of IHFL accused the promoters and administrators of the corporate of siphoning off funds and committing accounting irregularities. Kamble had claimed that he suffered a devaluation of his shares because of alleged misdealing by IHFL between 2014 and 2020.

The Court said that,

"We prima facie think that the complaint filed by respondent no 2 Ashutosh Kamble appears to be mala fide and deficient"

The Bombay High Court issued notices to the respondents and the complainant to submit a reply to the IHFL plea by June 28, 2021.

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