Supreme Court raps petitioner for defective plea against Indiabulls

New Delhi: The Supreme Court on Wednesday pulled up for filing a defective application a petitioner, Abhay Yadav, who has alleged that Indiabulls Housing Finance Ltd (IHFL) misappropriated Rs 98,000 crore of public money.

Earlier on Wednesday, IHFL senior counsel A.M. Singhvi urged the vacation bench comprising Justices Indira Banerjee and Ajay Rastogi to list the matter for hearing urgently, as frivolous allegations have been made against the company in the petition, which has been deliberately leaked to the media.

The company counsel represented that as a consequence of these acts, IHFL’s market capitalisation has been eroded by Rs 8,000 crore in the two days since filing of the petition, causing losses to lakhs of shareholders. (IANS)

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