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Delhi High Court to hear Indiabulls Housing case on October 24

Shares of Indiabulls Housing Finance has been under pressure post the filing of the PIL .

, ET Bureau|
Last Updated: Oct 01, 2019, 01.32 PM IST
In a relief to Indiabulls Housing Finance, caught in the midst of regulatory and legal issues, Delhi High Court has admitted its plea of perjury committed by Prashant Bhushan and brought forward the date of the public interest litigation (PIL) to 24th October from 13th December.

After the shares tanked 38 per cent on Monday post the PIL, Indiabulls Housing has sought an earlier court hearing on alleged siphoning of funds and fraud allegations.

“The Delhi High Court has accepted the plea of perjury against Prashant Bhushan and others and brought forward the date of the hearing to October 24th from December 13th,” said a source.

Earlier Delhi High Court has also asked Indiabulls, RBI, and the Securities and Exchange Board of India to file replies within two weeks and fixed the next date of hearing on December 13, 2019.

Shares of Indiabulls Housing Finance has been under pressure post the filing of the PIL and RBI putting Lakshmi Vilas Bank under prompt corrective action on low capital, high leverage and a negative return on assets for two consecutive years.

Shares of Indiabulls Housing fell 6.48 per cent to Rs 238.95 compared to previous close on the BSE till 12:40 pm.

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