ED moves Supreme Court to challenge Delhi HC order for quashing probe against Indiabulls

Directorate of Enforcement has moved the Supreme Court to challenge the Delhi High Court's order quashing a probe against home finance company Indiabulls. ED will seek for the probe against the company to continue, to bar for setting aside of Delhi HC order.

The Delhi High Court had quashed the ED probe against the company and held that no coercive action should be taken against Indiabulls.

The Supreme Court is likely to take up the case today for a hearing.

In February, the Enforcement Directorate searched the premises of Indiabulls Housing promoter Sameer Gehlaut and other related entities and individuals. To increase the market price of its stocks, the company, according to the law enforcement organisation, loaned money to related entities.

“The ECIR stems out of an FIR filed by one Ashutosh Kamble, who is part of the long-running extortion and blackmail racket against the company. The Division Bench of the Hon'ble Bombay High Court on April 27, 2021, passed a detailed order staying all investigations in the matter," Indiabulls Housing had said in a regulatory filing.

According to a regulatory filing, SEBI and MCA inspected the company's books of accounts. SEBI did not find any wrongdoing on the part of Indiabulls concerning the specific allegations in the PIL and the complaints against it.

The shares of Indiabulls Housing Finance fell nearly 10 percent in Monday's session. The stock of the company was trading 6.2 percent lower at Rs 126.9 on BSE at 1:09 pm.