Indiabulls says petition against it withdrawn

Indiabulls Housing Finance Ltd on Thursday said a milk vendor, who alleged misappropriation of over Rs 98,000 crore, has unconditionally withdrawn his petition from the Supreme Court, seeking apology for causing harm to its reputation and business.

In a statement, the company said the petitioner, Abhay Yadav has said he was not aware of the contents and allegations mentioned in the petition and has realised that he was made to sign documents which were misused to file “false” complaints and petitions against Indiabulls with “malafide intentions”.

On Wednesday, the company complained to the Supreme Court that it was facing huge loss to its share value due to press reports on the petition filed by a “milk vendor” in the top court.

Senior advocate A M Singhvi, representing the company had mentioned the matter before a bench of Justices Indira Banerjee and Ajay Rastogi and sought an urgent hearing.

“An ingenious and novel technique was being adopted by a blackmailer, a milk vendor to cause loss to the company. Frivolous allegations have been made against the company, and deliberately the petition has been already leaked to the media. As a consequence, in two days since filing of the application, IHFL's market capitalisation has been eroded by Rs 8000 crore, causing losses to general public shareholders,” he said.

He said a petition has been filed against Indiabulls, but the company has not been included in the list of respondents. The court which pulled up the petitioner had then put the matter for consideration in July.