Indiabulls Housing Finance has informed that after several hearings over the years, the Hon’ble High Court of Delhi on February 2, 2024, pronounced its order of dismissal of the PIL that was filed against the Company and its [erstwhile] promoters in 2019 by Prashant Bhushan through his firm, Citizens Whistle Blower Forum. The Hon’ble Delhi High Court’s order read: ‘Finding no merit in the present petition, it is accordingly dismissed. Pending applications are disposed of as infructuous.’ The Hon’ble Delhi High Court further mentioned in its order that ‘Due to articles published in magazine and newspaper, the tweets made by members of petitioner firm and a member of parliament, the shareholders of the Company were jolted and they were made to suffer huge losses.’ The Board of Directors of the Company noted the Hon’ble Delhi High Court’s order of dismissal of the PIL, and shared the anguish felt by the innocent shareholders of the Company who were made to suffer huge losses due to the unsubstantiated, false and malafide PIL that was filed with ulterior motives. Reacting to the order, the Company’s Vice Chairman, Managing Director and CEO, Gagan Banga commented: ‘In the regular conduct of its business, a lender like ourselves faces multiple litigations. The bigger cases that make the news are instigated by well-connected borrowers that borrow from the Company public monies lent by banks and debt markets, and then default on this. Pursuit of recovery by repossessing the property that they have lent against, and enforcing collateral, is professional and fiduciary responsibility. It is their commitment to the Company’s stakeholders, that as borne out in this protracted litigation, no matter how difficult the path, they will not be discouraged in the fulfilment of its duties and responsibilities.’
The above information is a part of company’s filings submitted to BSE.