Indiabulls

Plea in SC for action against Indiabulls Housing for misappropriating 98,000 crore

Plea in SC for action against Indiabulls Housing for misappropriating 98,000 crore

June 11, 2019 in Indiabulls

NEW DELHI: A plea was filed in the Supreme Court Monday seeking legal action against Indiabulls Housing Finance Limited (IHFL), its Chairman and directors for alleged misappropriation of Rs 98,000 crore of public money. The petition alleged that money worth thousands of crores were siphoned off by Sameer Gehlaut, the chairman of the firm, and the directors of Indiabulls for their personal use.
Abhay Yadav, the petitioner and one of the IHFL shareholders, alleged that Gehlaut, with the help of one Harish Fabiani – an NRI based in Spain, allegedly created multiple “shell companies” to which IHFL loaned huge sums of money under “bogus and non-existent pretexts”.
These companies further transferred the loan amount to other companies which were either run, directed or operated by Gehlaut, his family members or other directors of Indiabulls, the plea alleged.
“This entire chain of scam would have never been possible without the conniving with the auditors, credit rating agencies and concerned officials of the respective government departments,” the plea said.
The plea also sought directions to Securities and Exchange Board of India (SEBI), Centre, Reserve Bank of India (RBI), Income Tax Department or the competent authority to restore, protect and conserve the defrauded and misappropriated investors’ money.
It alleged that Gehlaut was rich, influential, powerful and has extremely strong political connections and he, in conspiracy with the other directors, could leave the country with the money of investors.
“Chairman Sameer Gehlaut in conspiracy with the other Directors has mercilessly and heinously taken the public money of approximate more than Rs 98,000 crore for their exclusive personal use,” the plea said.
It alleged that the “modus-operandi” opted by Gehlaut and the alleged co-conspirators to defraud not only the investors at large but also the public exchequer, was multi-dimensional duly buckled-up with manifold layers of criminal and highly unlawful activities.
“Apparently, the sole purpose of this biggest and huge financial scam was to take the entire public money of the innocent shareholders, PSU Banks and Private Banks etc. to make it for the criminally exclusive and unlawful purposes of Gehlaut and his family members. Shockingly, Gehlaut and his Particeps Criminis (co-conspirators) did not leave almost any financial enactments to violate,” it said.
The plea further claimed that Gehlaut and his wife have also been deliberately involved in taking kickbacks from his alleged borrowers and misled the regulating authorities.
“Gehlaut and his Particeps Criminis have, while advancing the alleged loans to the dummy and shell companies, made various bogus entries while taking the interest on annual basis instead of a monthly basis and by this way neither TDS could have been deducted on timely manner nor even a single penny of late penalty has been paid to the public exchequer at Income Tax Department which resulted in further injury of more than hundreds of crores rupees,” it claimed.
The plea further said that while building the dummy and shell companies, around Rs 1,700 crores from unknown sources were used, which was illegal and forbidden by prevention of money laundering act.
“They have also done the gross criminal violation and willful heinous misconduct against the SEBI laws as well by not following of express provision of SEBI & Companies act’s Corporate Governance Policy… have also violated the RBI & NHB guidelines and other laws as well,” it claimed.
The company officials were the directors, promoters and beneficiaries of interconnected Non-Banking finance companies at Delhi, Mumbai, Gurugram, the plea said.

Sources: realty.economictimes.indiatimes.com

Gurugram: Indiabulls Centrum Park buyers got flats, but have no water and power connection

Gurugram: Indiabulls Centrum Park buyers got flats, but have no water and power connection

June 1, 2019 in Indiabulls

Hundreds of homebuyers of the Indiabulls Centrum Park project in Sector 103, who got delivery of their homes after a five-year delay, are living without adequate electricity, water and security arrangements.
Launched in 2009 by Indiabulls Real Estate Ltd, the project was completed in 2018. Residents have complained that the internal sector roads are in bad shape and the society has no water connection from GMDA.
My dream home has become a nightmare to live in, as we homebuyers have been cheated by the builder in every possible way. I put in my life savings to buy this home. Burdened by EMI, I have no option but to live in a place which doesn’t even guarantee living standards at par with unregularised colonies,” he said.
“We have no water or electricity supply, no security, non-functional lifts and a filthy basement parking. When I complained to the builder about the lack of amenities, I got no reply,” he added.
Apart from this, connectivity is another major concern. Residents said they are dependent on the village road despite the project brochure clearly showing a 30m wide road leading up to the gates of the society.
“In the plan shared by builder, they had shown a 30m-wide sector road nearby, which hasn’t been made available till date. The builder claims HSVP will buy the land, whereas HSVP says the builder has to buy the land and build the sector road since it was one of the one of the conditions for granting the occupation certificate,” Sudhir Garg, one of the buyers, said.
“Despite having paid external and internal development charges long back, residents are suffering. Travelling on the revenue road to come home is absolutely unsafe at night,” he added.
Residents also raised security concerns. “This so-called gated community doesn’t even have a boundary wall at certain areas, leaving the entire society vulnerable,” said Hiranava Chakravarty, a resident.
When contacted, a senior official from the facilities department of Indiabulls refused to comment.

Sources: realty.economictimes.indiatimes.com

Seeking realty business exit, Indiabulls sounds out ally Blackstone, others

Seeking realty business exit, Indiabulls sounds out ally Blackstone, others

April 24, 2019 in Indiabulls

MUMBAI: The Indiabulls Group is believed to have sounded out joint venture partner Blackstone and other leading players such as Godrej Properties to offload its stake in Indiabulls Real Estate (IBREL).
Distancing the group from realty is expected to improve the chances of obtaining regulatory approval for the proposed merger of Indiabulls Housing Finance with Lakshmi Vilas Bank (LVB).
“Blackstone understands the business, and by virtue of being a strategic partner, is familiar with all the assets of IBREL. So, it’s a natural choice. No deal with anyone has been finalised, but discussions with Blackstone are at a more advanced stage,” a person familiar with the strategy told ET.
The promoters’ stake in Indiabulls Real Estate stands at 38.8% — valued at Rs 1,838 crore. If a deal fructifies, it would trigger an open offer by the acquirer.
The promoters, according to sources, have approached Blackstone to sell their entire stake. Sources said Godrej Properties may team up with two PE funds if it steps in to buy out the IBREL promoters.
Emails to Indiabulls and Blackstone went unanswered till the time of going to press while a spokesperson for Godrej Properties said the company “does not comment on market speculation”.
Soon after the boards of LVB and Indiabulls Housing Finance announced the merger proposal, Indiabulls Group chairman Sameer Gehlaut had indicated the founders were ready to relinquish their promoter status in Indiabulls Real Estate and dilute their stake.
It’s widely perceived in the industry that Indiabulls’ current priority is to stabilise its financial services businesses in a market that has become comparatively tougher for many non-bank entities. “Also, the contribution of real estate to the group’s revenues has come down significantly,” said an investment banker.
Blackstone had invested Rs 2,500 crore for a 50% JV with IBREL that divested half its stake in commercial properties such as ‘One Indiabulls Centre’, ‘Sky forest’, ‘Sky’ and ‘Indiabulls Finance Centre’ at an enterprise value of Rs 9,500 crore in March 2018. These properties have a total leasable area of 4.14 million sq ft and are expected to generate annualised annuity revenue of Rs 890 crore from FY21-22, according to IBREL’s FY18 annual report.
Besides the JV with Blackstone, IBREL has a development portfolio of 28.5 million sq ft and rental portfolio of 5.2 million sq ft.
“In examining the merger proposal, RBI would look at the resultant shareholding structure, run a fit and proper exercise on shareholders with more than 5% stake and look into their right to nominate director in the merged entity to decide on whether they can continue as major shareholders in the entity,” said former deputy RBI governor R Gandhi. “The current policy does not have any reservations about real estate exposure,” he said.
According to banking sources, as against the original idea of merging the bank (a much smaller entity) with the larger Indiabulls Housing Finance and obtaining a licence for the merged entity, RBI may prefer a plan that entails the merger of the housing finance company into the bank.
The new on-tap licence norms say that corporates with assets of at least Rs 5,000 crore and a successful track record spanning 10 years are qualified to apply for a banking licence.

Sources: realty.economictimes.indiatimes.com

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