Indiabulls Housing Finance Statement
Indiabulls Housing Finance Statement 10th June 2019
This is in relation to the news item of Writ Petition filed in Supreme Court against Sameer Gehlaut allegedly siph oning off Rs 98,000 crores from Indiabulls Housing Finance. The Writ Petition is filed only today and is not heard by the court.
The total loans on the books of Indiabulls Housing are approx Rs 90,000 crores. The allegation of siphoning off of Rs 98,000 crores is bizarre.
We wish to state that a racket of blackmailers have been trying to extort money from Indiabulls over last 2 mont hs threatening to write complaints to various Govt departments alleging siphoning off of Rs 55,000 crores if Rs 10 crores wasn’t paid to them. Indiabulls did not succumb to pressures of the blackmailers and instead chose to file a FIR against such people on 4th June 2019. When the demands of the person who was the original comp lain ant for alleging siphoning off of Rs 55,000 crores through complaint dated 6th May, 2019 were not met, he the reafter tried to extort money in lieu of withdrawing his complaint from the various Govt departments that alle ged siphoning off of Rs 55,000 crores. This person was arrested by Police on 7th June, 2019 and various incr imin ating evidences were collected by Police from his premises. As a retaliation to that arrest, the group of people in volved in the blackmailing racket floated another complaint on Whatsapp in name of another individual on 8th June, 2019 addressed to various Govt departments but this time increased the siphoned off figure to Rs 98,000 crores in the complaint. The police proceedings are going on in the case and the court has granted Police custody of individual under arrest for 6 days.
After the Police unearthed the blackmailing and extortion racket, we wrote to various Govt departments on 9th June and apprised them of the complaints dated 6th May 2019 and 8th June 2019 and the modus operandi of the blackmailing racket. One complainant bought 2 shares of Indiabulls Housing and the second complainant who has filed the writ petition in Supreme Court bought 4 shares of Indiabulls Housing on 9th May, 2019 to get cove red in the garb of shareholder whist leb lowers. We believe that the impending merger application with Laxmi Vi as Bank made us very easy target for the blackmailers who thought we would be easily blackmailed given the sensitive regulatory process we are going through right now.
We understand that Honorable Supreme Court is not a forum for such allegations of wrongdoings against a spe cific company and the right forum is appropriate regulatory bodies. The cause of action to go to courts arises when the regulatory bodies have not taken any action even after a reasonable period of time. We believe that the filing of Writ Petition on 10th June, 2019 after circulating a complaint on Whatsapp on 8th June, 2019 wit hout seeking any remedy from regulatory bodies is an attempt to divert attention from the ongoing Police pro ceedings and a desperate attempt to malign our reputation by eye catchy news mentioning a “Supreme Court Writ” that has only been filed today by a shareholder who bought 4 shares in the company only a month back.
We employ over 30,000 people across the Group and are one amongst the top 25 tax paying and dividend paying private groups in the country. Our board of directors include eminent people like two ex RBI Deputy Governors, retired justices from the Supreme Court and retired senior bureaucrats. We remain determined to break the ba ck of such blackmailing rackets so that nobody in future can use such tactics against Indiabulls.