Indiabulls shares jump 14% after Kislay Panday’s apology for false suit alleging fraud

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Mumbai: Indiabulls Housing Finance stocks surged 14 per cent on the NSE on Tuesday after the law firm Managium Juris tendered a public apology for an earlier false suit alleging that Indiabulls was involved in fraud.

The company’s stock jumped 14 per cent to touch an intra-day high of Rs 575.95 a share after the public apology by lawyer Kislay Panday of Managium Juris.

In a statement, Managium Juris said: “We came across a public disclosure made by Indiabulls Housing Finance Ltd regarding their plans to merge with Lakshmi Vilas Bank. Sensing this as a delicate and critical phase for the company and, therefore, an opportunity for the clients to exert pressure and with a view to sensationalize the matter, certain scathing allegations were made by them in the petition involving huge numbers against the company and its officials.”

The law firm had earlier alleged that Indiabulls was involved in misappropriation of public money to the tune of Rs 98,000 crore. The firm said that “all false and factually incorrect complains have now been withdrawn that we drafted through my office and were sent through my office…with the sole purpose of sensationalising allegations against Indiabulls and causing harassment to the company.”

“We undertake not to indulge in such activities ever in future and assure all concerned that neither me or my firm shall, whether directly or indirectly, file any kind of litigations or complaints against Indiabulls Group or its companies,” the statement added.