The Ministry of Corporate Affairs (MCA), on September 28, found no irregularities in loans extended by Indiabulls Housing Finance to five companies, as alleged by a Public Interest Litigation (PIL).
In an affidavit to the Delhi High Court, the MCA revealed that the loans extended to ADAG, DLF, Amricorp had been repaid and those given to Vatika and Choridia were ‘standard accounts’.
The affidavit also stated that the inspection report of Indiabulls Real Estate was yet to be received and that violations pointed out in the inspection report of Indiabulls Ventures were being examined.
A PIL was reported to have been filed on September 27 that alleged the round-tripping of funds by the company.
The Delhi HC issued a notice to the company, RBI, SEBI and MCA. The next hearing of the case will be held on December 15.
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