Govt to submit probe report on Indiabulls by the end of October

Photo: Twitter
Ministry of Corporate Affairs has been investigating three Indiabulls Group companies since about a year and will submit its final report by the end of October, according to people familiar with the matter.

Indiabulls Housing Finance, Indiabulls Ventures, Indiabulls Real Estate are being probed for potential wrongdoing by the Registrar of Companies, which is part of the ministry, the people said, asking not to be identified as the details are private.

 
The company has disclosed in court documents that the Ministry is inspecting its books, a representative for Indiabulls said.

 
Separately, the ministry has also imposed travel restrictions on the founders of Housing Development and Infrastructure Ltd. (HDIL), and may start inspecting the developer’s books, the people said. HDIL isn’t aware of any action against the it and its founders, company said in an exchange filing.

A spokesman for the ministry wasn’t immediately available for comment


Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel