bothNEW DELHI: Shares of Indiabulls Housing Finance climbed over 11 per cent in Thursday’s trade in a knee-jerk reaction to the announcement that Abhay Yadav, who had filed a petition against promoter Sameer Gehlaut and the company over alleged fund misappropriation, has withdrawn his case in the Supreme Court.Yadav in his affidavit said that he was not aware of the contents and allegations mentioned in the complaints of the petition, Indiabulls said in a statement.“I now realise that such papers, affidavits, applications etc were signed by me have been misused to file false complaints against Indiabulls with malafide intentions,” Indiabulls statement suggested Yadav as saying.The scrip had fallen 8 per cent onWednesday and Tuesday over concerns over allegedly misappropriation of around Rs 98,000 crore funds.The withdrawal of petition by Yadav came in a day after Indiabulls moved SC for an urgent hearing. It blamed Yadav of buying just 4 shares on May 9 worth Rs 3,000 with the sole purpose of blackmailing and extortion.Without seeking remedy at an appropriate level, Indiabulls said, Yadav chose to file a plea with SC under Article 32, which it said was with an intention to damage the company’s reputation.Yadav said that the 4 shares of Indiabulls were purchased in his name on May and was asked to sign a detailed bulky complaint which was addressed to various government officials, ministers”The shares of the company closed 11.78 per cent higher at Rs 694.30 on BSE.

Source: Economic Times June 13, 2019 08:13 UTC