Indiabulls Housing Finance loans to DLF, Anil Ambani firms repaid: MCA

A PIL moved by Citizen Whistle Blowers Forum alleges that the group companies of Indiabulls had, through its promoters, 'been advancing dubious loans to companies owned by large corporate groups which in turn have been routing the money back to the accounts of companies owned by the promoters of Indiabulls, so as to increase their personal wealth'. The PIL also alleged that while Anil Ambani-led ADAG had received as much as Rs 1,580 crore in loans and invested Rs 570 crore back in the company and its group firms, DLF had received Rs 1,705.54 crore as loan and invested Rs 66 crore back. Gautam Bhalla-owned Vatika group was loaned as much as Rs 4,600 crore by Indiabulls Housing Finance, the PIL further alleged. The MCA received reports for two investigations ordered against Indiabulls Ventures and Indiabulls Housing Finance on November 15 and 19, respectively, while another report probing alleged irregularities in Indiabulls Real Estate is yet to be submitted, the affidavit to the HC said. The government had in July last ordered an investigation into the dealings of Indiabulls group. In September this year, the HC had agreed to hear the case, and issued notices to Indiabulls, its promoters, as well as the MCA. Indiabulls has maintained that the PIL was a part of a motivated attack on the firm, aimed at causing loss to the company and hampering its day-to-day operations. The PIL, the company had then told the Delhi HC, was 'malicious' and 'mala fide' and that the 'averments made in the petition are a pack of lies motivated by vested interest and has been filed without any research even on publicly available records of the company'. DailyhuntDisclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Dailyhunt. Publisher: The Indian Expresshttps://www.magcloud.com/user/vinoudsreera

https://justpaste.it/6vp91