New Delhi, Jun 13 (IANS): Indiabulls Housing Finance Ltd. said on THursday that Abhay Yadav, the petitioner who alleged that the company and its Chairman Sameer Gehlaut misappropriated funds, withdrew his writ petition from the Supreme Court.

IANS has been repeatedly pointing out that the petitioners filed the plea with malafide intent. Indiabulls housing share closed 11.86 per cent higher, up Rs 73.65 to close at Rs 694.70. The episode proves once again that vested interests, despite SEBI's supervision, can trip companies through acts of jiggery-pokery.

A criminal writ petition filed on Monday in the Supreme Court alleged that about Rs 98,000 crore had been siphoned out of the company by senior officials using a web of shell companies. Indiabulls said on Wednesday the petitioner had admitted in court that the petition was defective in nature and that he would approach the court after rectifying it. The whole shenanigan smacks of a criminal conspiracy in which shareholder wealth was eroded significantly.

The petition had alleged that Sameer Gehlaut, chairman of the firm, with the help of Harish Fabiani, an NRI based in Spain, allegedly created multiple "shell companies" to which IHFL loaned huge sums of money under "bogus and non-existent pretexts".