Abhay Yadav withdraws his writ Petition against Indiabulls in Supreme Court; stock surges 8%

The petitioner further added in his affidavit "That 4 shares of Indiabulls were purchased in my name in May 2019 and thereafter I was asked to sign a detailed bulky complaint which was addressed to various government officials, ministers, etc.

Jun 13, 2019 08:06 IST India Infoline News Service

Shares of Indiabulls Housing Finance surged 8% after falling 5% intraday. The company said that the writ petition filed in the Supreme Court against company and Sameer Gehlaut has been withdrawn.

Abhay Yadav, the petitioner has withdrawn the Writ Petition in Supreme Court.  Abhay Yadav in his affidavit has mentioned "That I am not aware of the contents and allegations mentioned in the complaints or the petition. I now realise that such papers, affidavits, applications, etc. were signed by me have been misused to file false complaints and petitions against Indiabulls with malafide intentions."

The petitioner further added "That I apologize with folded hands for unknowingly having signed the complaints, petition, applications, etc. without realizing its contents, therefore, I have decided to unconditionally withdraw the Writ Petition Diary No 20710/2019 titled Abhay Yadav vs SEBI and Others and I am taking necessary steps in this regard. I don't know anything about Indiabulls, its promoter, directors or anything about their businesses. I apologize to all of them for causing harm to their reputation and business. It was never my intention to do so. I am extremely sorry for this."

The petitioner further added in his affidavit "That 4 shares of Indiabulls were purchased in my name in May 2019 and thereafter I was asked to sign a detailed bulky complaint which was addressed to various government officials, ministers, etc.

Indiabulls had yesterday moved in Supreme Court for an urgent hearing of the writ petition. Indiabulls had submitted to the Supreme Court court that the petitioner Abhay Yadav bought 4 shares of Indiabulls worth Rs3,000 ($ 42) on May 9, 2019, with the sole purpose of blackmail and extortion. Without seeking remedy at appropriate forum for grievances, the petitioner Abhay Yadav chose to file a plea in Supreme Court under Article 32 to damage the company and that the petitioner wilfully and intentionally is not coming forward and mentioning the writ petition as he doesn't want the petition to be heard on merits.

Reacting to this, shares of Indiabulls Groups stock rallied on both the exchanges.

Stock view:
Indiabulls Housing Finance Ltd is currently trading at Rs678.60 up by Rs57.45 or 9.25% from its previous closing of Rs621.15 on the BSE.

Indiabulls Ventures Ltd is currently trading at Rs290.90 up by Rs29.9 or 11.46% from its previous closing of Rs261 on the BSE.

Indiabulls Integrated Services Ltd is currently trading at Rs216.10 up by Rs10.25 or 4.98% from its previous closing of Rs205.85 on the BSE.

Indiabulls Real Estate Ltd is currently trading at Rs119.50 up by Rs5.8 or 5.1% from its previous closing of Rs113.70 on the BSE.

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