The Bombay High Court on Wednesday allowed a petition by Indiabulls Housing Finance Ltd to quash a First Information Report (FIR) filed by a shareholder in WADA, Palghar district, alleging fraud, criminal breach of trust and misappropriation of funds. was accused of.
However, the detailed order of the court is awaited.
The FIR was registered following the Palghar magistrate’s order dated April 7, 2021, based on a complaint by Ashutosh Kamble, a shareholder of Indiabulls Housing Finance, alleging misappropriation of funds and indulging in accounting irregularities on the promoters and directors of the company. was imposed. Kamble, in his complaint to the magistrate, claimed that between 2014 and 2020, he had to devalue his shares as a result of alleged misconduct by IHFL.
On February 21, the Enforcement Directorate conducted searches at the company premises based on Kamble’s FIR.
The probe agency’s investigation was based on an Enforcement Case Information Report (ECIR) filed by it under the Prevention of Money Laundering Act, 2002 (PMLA) against Indiabulls Housing, its promoter Sameer Gehlot and several other linked companies and individuals.
Indibulls Housing had clarified in an exchange filing at the time that the company had provided all details related to the FIR to the probe agency.
On April 27, 2021, the Division Bench of the Bombay High Court had stayed all investigation into the matter.
“We are of the prima facie opinion that the complaint filed by the complainant appears to be malicious and erroneous,” the court said.