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PIL filed against Indiabulls Housing Finance
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PIL filed against Indiabulls Housing Finance

Agency News

A public interest litigation (PIL) has been filed against the Indiabulls Housing Finance on Friday in the Delhi High Court.

The Delhi High Court has accepted the PIL which blames round-tripping of funds by the company promoters. It also seeks an SIT led investigation into the alleged violations, offences and accuses inaction by regulators such as RBI, SEBI, SFIO, ROC and NHB. The Delhi HC has sent a notice to the company, RBI, SEBI and MCA and the case will be heard on December 15.

CARE has recently revised the long-term rating from CARE AAA to CARE AA+, the perpetual debt programme rating from CARE AA+ to CARE AA, and reaffirmed short-term rating at CARE A1+.

The main reasons for the revision in the rating is the progress in process of merger with Lakshmi Vilas Bank and the potential transition challenges thereof, challenging funding environment for NBFCs and HFCs and moderation in asset quality, company said in a release.

The share price of Indiabull Housing Finance has got a setback on Friday by shedding the shareprice by 6.11 percent to Rs.389.45 on BSE.