New Delhi: Terming allegations of siphoning of Rs 98,000 crore as "bizarre", Indiabulls Housing Finance Ltd (IBHFL) on Monday said the writ petition filed in the Supreme Court is an attempt to "malign" the company's reputation and create hurdles in its merger with Laxmi Vilas Bank.
A plea was filed in the Supreme Court on Monday by Abhay Yadav seeking legal action against IBHFL, it's Chairman and directors for alleged misappropriation of Rs 98,000 crore of public money.
"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 crore. The allegations of siphoning off of Rs 98,000 crore is bizarre," IBHFL said in a statement.
The company said the filing of the writ petition is a "desperate attempt to malign our reputation."
IBHFL also mentioned that the petitioner had bought four shares in the company only a month back.
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The company also alleged that the writ petition has been filed at a time when it is in the process of getting regulatory approval of merging itself with Laxmi Vilas Bank, the statement added.
The petition alleged that money worth thousands of crores were siphoned off by Sameer Gehlaut, the chairman of the firm, and the directors of Indiabulls for their personal use.
Abhay Yadav, the petitioner and one of the IHFL shareholders, alleged that Gehlaut, with the help of one Harish Fabiani - an NRI based in Spain, allegedly created multiple "shell companies" to which IHFL loaned huge sums of money under "bogus and non-existent pretexts".
These companies further transferred the loan amount to other companies which were either run, directed or operated by Gehlaut, his family members or other directors of Indiabulls, the plea alleged.
The plea also sought directions to Securities and Exchange Board of India (SEBI), Centre, Reserve Bank of India (RBI), Income Tax Department or the competent authority to restore, protect and conserve the defrauded and misappropriated investors' money.
