New Delhi, Feb 22 The Delhi High Court Tuesday issued notice on the application filed by Citizen Whistle Blower Forum (CWBF) in the ongoing PIL against Indiabulls Housing Finance Limited (IHFL) seeking a direction to authorities not to allow Sameer Gehlaut to sell any further stake in the IHFL.
The application also highlighted the Enforcement Directorate(ED) letter to the Deputy Director of Immigration, Bureau of Immigration dated March 20, 2020, confirming the involvement of Sameer Gehlaut in the Yes Bank scam and requested that a Lookout Circular (LOC) be issued against him. The application on behalf of CWBF was argued by Shadan Farasat. The matter next listed on March 21, 2022.
The writ petition in public interest is seeking investigation by relevant authorities into the illegalities and irregularities in the dealings of the respondent company, i.e. IBHFL.
The instant petition shows how the promoters of Indiabulls Housing Finance have been engaged in roundtripping of funds wherein huge loans taken from public sector banks and raised through IPOs was advanced as loans to various loss making/shell/bogus companies of various business houses and as quid pro quo, part of that loan was routed back into the personal accounts of the promoter or his family members.
The petitioner is filing the instant application to bring on record certain new facts and consequently seeking directions from this court to restrain Sameer Gehlaut, the respondent from selling or transferring any further stake in the respondent company.
Sameer Gehlaut, Respondent No. 8 herein has recently sold half his stock (amounting to 11.9 per cent) as on December 17, 2021, thus bringing down his shareholding to 9.8 per cent from 21.69 per cent of the respondent company.
According to NSE, there was a block deal for 3,68,71,200 shares aggregating Rs 967.31 crore. As per newspaper reports, the entities that bought the shares sold by Sameer Gehlaut and his promoter companies include Morgan Stanley Asia (Singapore) PTE, Abu Dhabi Investment Authority, GMO Emerging Domestic Opportunities Fund, HSBC Global Investment Funds, IMF (in respect of staff retirement plan), Invesco Mutual Fund and Quant Mutual Fund, the petition said.
The petition said that as per reports, Respondent No. 8 has already left the country and has been residing in the UK. That on many occasions the ED, CBI, etc., Indian authorities have summoned Respondent No. 8 but he has not appeared before them citing different reasons.
It is pertinent to mention here that the Enforcement Directorate (ED) has already issued a request letter dated March 20, 2020 to the Deputy Director of Immigration, Bureau of Immigration requesting that a Lookout Circular (LOC) be issued against Sameer Gehlaut as he has been found to be involved in the Yes Bank money laundering case against Rana Kapoor under the Prevention of Money Laundering Act, 2002 (PMLA) registered by the Enforcement Directorate.
It is submitted that by selling his stake, Gehlaut is seemingly attempting to release/absolve himself of any accountability of his illegal activities as founder, promoter and director of IBHFL wherein he roundtripped funds of the company through circuitous route into accounts owned by himself and his wife.
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