India News | HC Quashes FIR of Cheating Filed Against Indiabulls Housing Finance Limited

Mumbai, May 4 (PTI) The Bombay High Court on Wednesday quashed a case of cheating and criminal breach of trust registered against Indiabulls Housing Finance Limited (IHFL).

Also Read | Aviation Ministry Grants Rights to GMR Group to Operate Hyderabad International Airport for 30 More Years.

A division bench of Justices P B Varale and S M Modak noted that the FIR lodged in April 2021 by the Palghar police was an abuse of the process of law.

Also Read | Maharashtra: Thane Municipal Corporation Issues 250 New Licences, Earns Rs 5 Lakh in a Month After Making Pet Licence Mandatory.

The FIR, accusing the promoters and directors of the company of siphoning off funds and committing accounting irregularities, was lodged following the Palghar magistrate's April 7, 2021 direction based on a complaint by Ashutosh Kamble, a shareholder of IHFL.

The high court on Wednesday quashed the magistrate court's order directing the registration of the FIR, which was initially filed in Wada under the Palghar district and later transferred to Maharashtra's Police's Crime Investigation Department (CID).

In his complaint to the magistrate, Kamble had claimed that he suffered a devaluation of his shares due to alleged misdealing by IHFL between 2014 and 2020.

Senior advocates Mukul Rohatgi and Amit Desai, representing IHFL, had argued that the FIR lodged by Kamble was "absolutely malafide and part of similar attempts made earlier against the petitioners by certain persons seeking to initiate criminal proceedings on the basis of false and frivolous allegations, so as to extract money from the petitioners".

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)