Indiabulls issued notice by Delhi HC over alleged illegalities and violations

The petition also sought direction to the Reserve Bank of India (RBI) and the National Housing Bank (NHB) to investigate the financial affairs and also to direct a special audit of IBHFL. An inquiry by SEBI is also been sought. It has been alleged that money being loaned out to corporate groups by IBHFL is public money as IBHFL had itself, in the past many years taken huge sums of loans from various public and private banks. The round-tripping of funds by IBHFL and its promoters is in violation of the relevant laws and policy guidelines and they have also not disclosed sources thereof and their books of account also did not show the true state of affairs. Indiabulls has issued a statement which states that the PIL filed by Citizens Whistle Blower Forum is a pack of lies motivated by vested interest and has been filed without any research even on publicly available records of the company. Senior Counsel Mukul Rohtagi and Abhishek Singhvi argued for the Company stated that the false and fabricated allegations made against the Company in respect of loans granted to four business groups fall flat merely on the fact that 2 of these loans to business groups are fully closed with no outstanding dues and loans to 2 other business groups are secured loans granted in the normal course of business and are being serviced regularly as per repayments schedule. Further, these 2 business groups have no loans or investments of any kind whatsoever in any promoter companies. (The story has been published from a wire feed without any modifications to the text, only the headline has been changed) DailyhuntDisclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Dailyhunt. Publisher: Hindustan Timeshttp://www.trakyadans.com/UserProfile/tabid/57/userId/180817/Default.aspx