Law Firm Issues Public Apology

Law Firm Issues Public Apology For Filing False Cases Against Indiabulls [Read Public Apology]

Legal Insiders

Managium Juris LLP issuing a public apology to Indiabulls Housing Finance Limited (IHFL) has admitted to filing false complaints and petitions in various fora against the company. The firm expressed regret at the reputational and financial losses it caused to the company due to false and sensational allegations.

The apology states that after getting to know of Indiabulls’ plan to merge with Lakshmi Vilas Bank, the firm saw an opportunity to make scathing allegations against the company.

A petition was even filed in the Supreme Court by one Abhay Yadav, alleging misappropriation of funds to the tune of Rs. 98,000 crore. The petition alleged that IHFL Chairman Sameer Gehlaut, along with other Directors of the company, siphoned off around Rs. 98,000 crore for their personal use.

During the summer vacation, Indiabulls had sought early listing of the matter. Appearing for the company before the Vacation Bench, Senior Advocate Abhishek Manu Singhvi had stated that the petition was nothing more than an attempt to blackmail the company. He further stated that the reportage of the petition had led to the company suffering losses of nearly Rs. 7,000 crore in the markets.

The petition remained unlisted due to defective filing, and was later withdrawn by Yadav.

Kislay Panday, who heads Managium Juris, states in the apology, “Further, all similar false and factually incorrect complaints have now been withdrawn that were drafted through my office and were sent through my office under the names individuals…from across the country to flood various authorities and government functionaries with complaints against Indiabulls for the sole purpose of sensationalising allegations against Indiabulls and causing harassment to the company.”

In the apology, Panday has further undertaken not to file any such litigation or complaints against Indiabulls in the future. He also states that there are other people trying to scuttle Indiabulls’ merger with Lakshmi Vilas Bank, and that his firm would not be party to such attempts.

As per reports, the police last month had arrested Kislay and his father Mani Ram in connection with another duping scandal. In June this year, non-bailable warrants were issued against the father-son duo for offences of fraud, cheating, extortion and conspiracy.

[Read Public Apology]

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