The Maharashtra police has booked Indiabulls group companies, including its flagship Indiabulls Housing Finance (IBHL), for allegedly siphoning off funds and for accounting irregularities committed by the promoters and directors of the company between 2014 and 2020. A first information report was registered by the Palghar police on April 13 under various sections of Indian Penal Code dealing with cheating, fraud and criminal conspiracy. The move comes after Palghar's judicial magistrate passed an order under Section 156 (3) of the Code of Criminal Procedure (power to direct police/agency to investigate the matter), following a complaint filed by Ashutosh Kamble, a shareholder of IBHL.
Market regulator Securities and Exchange Board of India (Sebi) in its investigation against Indiabulls Housing Finance has found the mortgage financier non-compliant with regards to unavailability of certain information on its website as well as its internal policy. Thereby, it has directed the company to take corrective measures and inform the stock exchanges in a months' time. Several public interest litigations (PILs) and FIRs were filed against Indiabulls Housing Finance back in 2019, alleging irregularities, siphoning of funds, and other violations committed by the promoters of the company.
After consumer finance and real estate, the Indiabulls Group is set to step into the retail business. Indiabulls Wholesale Services Ltd, a subsidiary of listed firm Indiabulls Real Estate Ltd, will set up 30 hypermarkets across as many smaller cities in the country in the next 15 to 18 months with an outlay of Rs 1,500 crore (Rs 15 billion).
Chennai-based Lakshmi Vilas Bank is set to merge with Indiabulls Housing Finance in a share-swap deal, RBI may not be comfortable with a bank owner having realty business under its wings.
Indiabulls Wholesale Services, the retail arm of Indiabulls Real Estate, has acquired Piramyd Retail, a company owned by the Ashok Piramal Group which runs 35 neighbourhood retail stores and seven lifestyle stores. Indiabulls Wholesale has acquired 63.92 per cent stake in Piramyd Retail at an enterprise value of around Rs 208 crore (Rs 2.08 billion), said sources close to the deal.
Officials said the searches covered multiple premises of the firm in Mumbai and Delhi.
Located at Lower Parel, Indiabulls Sky has upscale boutiques, gourmet restaurants, five-star hotels, entertainment-centers, reputed schools, Mahalaxmi Race course and Willingdon Club within the radius of two-to- three-kilometers
Neeraj Monga says he might initiate legal action against Indiabulls for slanderous remarks.
The case relates to Sebi probe into trading by Indiabulls Securities in 2008-09.
Scores of employees took to social media to express disappointment and said they were asked to resign over WhatsApp calls. On Twitter, some said they had been asked to resign by May 31 and that there was no severance package and salary would be paid only for May.
Last month, the bank was placed under Prompt Corrective Action due to high level of bad loans, lack of sufficient capital to manage risks and negative return on assets for two consecutive years.
Income Tax officials visited three out of the 129 offices of Indiabulls Securities Ltd, as part of a survey being carried out to track investors who traded 'penny stocks'.
Shares of Indiabulls Real Estate fell by over 12 per cent, Indiabulls Financial Services by 11 per cent, Indiabulls Power Ltd by 11.8 per cent and Indiabulls securities by about five per cent.
Indiabulls plans to redo the main Mantralaya building, the administrative building opposite to it and around 50 row bungalows, which currently house judges and ministers, to make way for a few iconic buildings of seven-star category.
Indiabulls Properties, the real estate arm of Indiabulls Financial Services, is planning to file an appeal in the Supreme Court against the Bombay High Court order setting aside the sale of land owned by National Textile Corporation in Mumbai.
Indiabulls has received Sebi's approval to enter the mutual fund operations.
In order to tap the booming construction sector, Europe's leading infrastructure group, Strabag SE, has joined hands with Indiabulls Real Estate Ltd for working on large development projects in the country.
Now, the property developer has snapped up a controlling 63.9 per cent stake in the loss-making Piramyd Retail at Rs 30 per share. The Rs 159 crore (Rs 1.59 billion) Piramyd has been running 7 large Piramyd lifestyle outlets and 33 small convenience stores called TruMart.
Indiabulls Financial Services Ltd said on Friday it will seek shareholders approval for restructuring and re-organisation the company's businesses through the demerger of its real estate business into Indiabulls Real Estate Ltd. \n
Indiabulls Financial Services Ltd on Thursday said it has priced its global depository receipt issue at $5.42 per GDR or Rs 235 per share of Rs 2 each, taking value offering to $130.8 million.
In its order, the court cast serious doubts on the bonafides of the complainant - Ashutosh Kamble, a shareholder of the company.
The firm bought the 87,444-sq ft feet property -- 22, Hanover Square -- from Scottish Widows Investment Partnership (part of Aberdeen Asset Management), which had put the building up for sale in April through consultancy firm H2SO.
The board of directors has considered the proposal entailing the demerger of Indiabulls Securities on a going concern basis and plans to list the resulting entity after the demerger, Indiabulls Financial informed the Bombay Stock Exchange.
Sebi had last year banned Indiabulls from carrying out trades but the order was kept in abeyance till completion of the inquiry.
He was involved in fraudulent dealings in Aurobindo Pharma shares.
After the preliminary examination, the market regulator found that certain entities, including Indiabulls, had executed irregular and non-genuine trades.
Tax officials saidsome instances of "asset transfers" are also under their scanner
Suspected Maharashtra Navnirman Sena activists on Monday attacked the office of diversified conglomerate Indiabulls in Camp area of the city, second such incident since party chief Raj Thackeray yesterday accused the company of 'usurping' water meant for farmers for its power plant in the parched district.
Four persons privy to the discussions told Business Standard that the deal is close to finalisation, and that regulator Forward Markets Commission (FMC) had been kept in the loop. Indiabulls holds 40 per cent stake in the exchange, which started operations less than a year ago.
Mittal will purchase 91 million common units of IPIT at the offering price that will be determined through a book building process, but would 'not be obliged to subscribe and pay' for any of the units if the subscription cost exceeds Singapore dollar100.1 million (about $73 million).
With Rs 17,087 crore raised so far this calendar year, the total is already 2.4 times that of the full year of 2023, which stood at Rs 7,266 crore.
Unitech and Indiabulls Real Estate Ltd (IBREL) have deferred the listing of their respective real estate investment trusts (REITs) on the Singapore Stock Exchange (SGX)owing to the liquidity crunch in the global markets. Both Unitech and IBREL have received approval from the SGX for the initial public offers (IPOs) of their trusts.
The list includes Gautam Adani's brother Vinod Adani among others.
India's fourth biggest realty company (by market cap) Indiabulls Real Estate (IBREL) on Tuesday said that it was planning to launch an initial public offering (IPO) for its property trust Indiabulls Properties Investment Trust (IPIT) on the Singapore Stock Exchange (SGX).
Overseas fundraising by Indian firms is experiencing a robust revival in 2024, following a lacklustre 2023. This resurgence is primarily driven by strong demand for high-yield bonds from international investors amid improving liquidity conditions and reduced hedging costs. Indian companies raised ~32,619 crore through overseas bonds in the first half of 2024, surpassing the total amount raised via such instruments in the entire 2023, which stood at ~31,218 crore, according to PRIME Database. In comparison, ~45,237 crore was raised in 2022 and ~1.05 trillion was secured in 2021.
MPCB said Indiabulls had started the construction work at the IT Park project in violation of consent to establish and without complying with its directions issued on January 27.
The stake was bought for Rs 447 crore (Rs 4.47 billion).
Indiabulls Financial Services on Thursday said leading international real estate consultancy Knight Frank has valued its real estate business at Rs 15,125 crore (Rs 151.25 billion).
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