Indiabulls Housing falls after writ filed against chairman; company says allegation ‘bizarre’

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MUMBAI: Refuting charges of misappropriation of around Rs 98,000 crore by its chairman sameer gehlaut and other directors, Indiabulls Housing Finance late on Monday evening said that the allegation is "bizzare" and is meant to malign the reputation of the company. The statement comes after a plea was filed in the Supreme Court on Monday [.]

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The crisis in India’s shadow banking space seems to be deepening, as Indiabulls Housing Finance is pitted against two of its shareholders – Abhay Yadav and Vikash Shekhar, after the latter.

In a statement earlier, IHFL has described the allegations against its Chairman Sameer Gehlaut and other directors as "bizzare" and designed to malign the reputation of the company. The statement came after a plea was filed in the apex court on Monday seeking legal action against Indiabulls, Gehlaut and the other directors for alleged.

Indiabulls Housing falls after writ filed against chairman. 671.25 after a writ was filed on Monday in the Supreme Court against Chairman Sameer Gehlaut for allegedly siphoning Rs 98,000 crore ($14.11 billion). IB Housing Finance called the allegation "bizarre" as total loans on its books are.

In a statement earlier, IHFL has described the allegations against its Chairman Sameer Gehlaut and other directors as "bizzare" and designed to malign the reputation of the company. The statement came after a plea was filed in the apex court on Monday seeking legal action against Indiabulls, Gehlaut and the other directors for alleged.

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Ursinus Hosts Annual Business and Economics Conference The University of Michigan’s 66th Annual Economic Outlook Conference discussed research on the national and state economic future, especially as a recession rapidly approaches. The program’s 10 presentations, held between Thursday and Friday, spanned talks from "Election Implications for Small Business Spending and Hiring" to "NAFTA, Tariffs, and the U.S. Automotive Industry."