The Delhi High Court Friday sought response of the central government, the RBI and Indiabulls on a PIL by an NGO for a through and time-bound SIT investigation into alleged illegalities, violations and siphoning by Indiabulls Housing Finance’s promoters . A Bench of Chief Justice D N Patel and Justice C Hari Shankar issued a notice to Sebi, the National Housing Bank, the Serious Fraud Investigation Office, the Registrar of Companies and the founder-chairman of Indiabulls and sought their replies by the next date of hearing, December 13. The NGO, Citizens Whistle Blower Forum, claimed that IBHFL promoters and their various group firms and arms had been advancing dubious loans to companies owned by large corporates. The contention was opposed by IBHFL’s counsel, who said, “Which fool will give an unsecured loan of Rs 4,600 crore?” He said that all money given on loan was properly secured and more than Rs 3,000 crore has been paid back to it.
