INSUBCONTINENT EXCLUSIVE:
New Delhi: The Ministry of Corporate Affairs (MCA) has informed the Delhi High Court that it is examining the inspection reports of
Indiabulls Housing Finance (IBHFL) and Indiabulls Venture Ltd and did not find irregularity in loans given to the five companies as alleged
by a PIL.The ministry, in its affidavit submitted in the court, however, said that it is examining the violations pointed out in the
The ministry also said that three of the loans concerned have been repaid to IBHFL and the other two have been reported as "standard
accounts".The companies are Amricorp, ADAG, DLF, Vatika and Chordia.The petitioners had alleged in the PIL that the loans were given to
shell companies.The Ministry's affidavit further said that the remaining issues and violations reported in the inspection report are under
examination and same will be dealt as per law."As far as the loans given by IBHFL to five companies, which are the subject matter of the
instant writ petition, the report states that loans given to Amricorp, ADAG, DLF have been repaid and loans given to other two entities viz
Vatika and Chordia reported to be 'Standard Accounts'," the affidavit said.The Ministry, however, informed the court that it is yet to
receive the third inspection report, in respect to Indiabulls Real Estate Ltd (IBREL).A PIL was reported to have been filed on September 27
that alleged the round-tripping of funds by the company.Indiabulls Housing Finance, in a statement, said: "The facts stated in government
affidavit, filed today, provides a true and clear picture about the allegations made in the PIL."
