Centre tells Delhi HC: Examining violations by Indiabulls Group

The Ministry of Corporate Affairs (MCA) told the Delhi High Court on Thursday that it was examining the violations pointed out in two inspection reports with regard to Indiabulls Venture Ltd (IBVL) and Indiabulls Housing Finance Ltd (IBHFL). The ministry, in its affidavit filed in response to a PIL by an NGO alleging financial irregularities by IBHFL, said it has received inspection reports of IBVL and IBHFL and the report on Indiabulls Real Estate Ltd (IBREL) is awaited. The affidavit was filed before a bench of Chief Justice D N Patel and Justice C Hari Shankar and the PIL by the NGO, Citizens Whistle Blower Forum, is listed for hearing on Friday. The ministry had informed the court earlier that the inspection reports for IBVL and IBHFL would to be ready by the end of October and for IBREL, by the end of November. "In this regard, it is submitted that this ministry has received the Inspection Report(s) of IBVL and IBHFL on November 19 and November 15 respectively and the violations pointed out in the Inspection Reports are being examined. The third Inspection Report, in respect of IBREL, is yet to be received in this ministry," the ministry said in the affidavit on Thursday. It said that regarding the loans given by IBHFL to five companies, as mentioned in the petition, the report stated that loans given to three companies gave been repaid and loans given to other two entities are reported to be 'standard accounts'.