PIL aimed at hindering merger with Lakshmi Vilas Bank, says Indiabulls Housing Finance

"Instead of going to the right forums of various regulatory agencies and making the complaint, the petitioners have deliberately chosen the route of PIL to attract attention and play into the hands of blackmailers and corporate rivals at a sensitive time of merger process of Indiabulls Housing Finance and Lakshmi Vilas Bank," the company said.

“The fact is that ever since we applied to the Reserve Bank of India (RBI) along with Lakshmi Vilas Bank in April-May of this year, we have been hounded by several of these kinds of reports. There was a blackmailing attempt. It is well-known in June. The perpetrators are finally in jail. They have also issued a public apology. Exactly the same content, which was used by them, has been picked up by these guys three months later. There is no difference,” MD Banga told CNBC-TV18.

“I will put this on record that no borrower of Indiabulls Housing, not a single borrower of Indiabulls Housing today has even one rupee of either investment in any structure or loan in any structure to Sameer Gehlaut’s companies. As a matter of fact, Sameer Gehlaut has zero borrowings in India and this has been placed on record on your channel about one to one and a half months ago,” he added.

In terms of the merger, he further mentioned, “We strongly believe that the merger process is progressing. We are in touch with the regulator RBI and all the other regulators and we are waiting to hear back from them."