Indiabulls Real Estate surges 12% after clarification on ED investigation
Published On: Tuesday, February 22, 2022 | By: Team KnowMyStock
Shares of Indiabulls Real Estate gained 12 percent to Rs 115.55 on the NSE in Tuesday’s intra-day trade despite a choppy session, on the back of heavy volumes after the company clarified that Enforcement Directorate (ED) investigation did not pertain to the company and has no bearing on the business and operations of the company.“We wish to clarify that ED has sought some information from Indiabulls Housing Finance (NS: INBF) regarding certain of their clients and it is understood that the necessary data has been provided to ED by IHFL and its officials”, stated the company in an exchange filing. The company’s stock tanked 15% on Monday after the ED conducted searches at the Indiabulls Finance Center in Mumbai and Delhi locations. The raids were conducted based on a Prevention of Money Laundering Act, 2002 (PMLA) case lodged by the ED as an Enforcement Case Information Report (ECIR), against the group’s mortgage lender Indiabulls Housing Finance and its promoters in April 2021.
The searches were conducted on an Enforcement Case Information Report (ECIR) filed by the agency under the Prevention of Money Laundering Act, 2002 (PMLA) against Indiabulls Housing, its promoter Sameer Gehlaut, and a number of other linked companies and individuals, a media report said. According to this FIR, the private banking lender had siphoned money and invested in their shares for an increased price.Sameer Gehlaut has resigned from the office of non-executive director and chairman of the company effective from 31st December 2021. Further, the outgoing Promoters have submitted that they are not involved in the day to day management of the company, Indiabulls Real Estate said.
We are on Telegram!
JOIN our telegram channel to receive updates on Financial News and Stock and FNO Tips.
Click Here!
Follow Us On:
