Maharashtra police lodges FIR against Indiabulls Group

28 Apr 2021 CW Team

The Palghar police has registered an FIR under various sections of the Indian Penal Code (IPC) dealing with cheating, fraud and criminal conspiracy.

The move comes after Palghar’s judicial magistrate passed an order under Section 156 (3) of the Code of Criminal Procedure (power to direct police/agency to investigate the matter), following a complaint filed by Ashutosh Kamble, a shareholder of IBHL.

In his complaint to the Palghar court, Kamble had claimed that he suffered a devaluation of his shares due to alleged misdealings between 2014 and 2020. He also made several allegations against the founder and promoter Sameer Gehlaut and other directors in connection with the misappropriation of funds by the company.

Sources told the media that Indiabulls had filed a petition last week seeking quashing of the proceedings in the Bombay High Court. The court is expected to hear the matter later this week.

The case was sought to be quashed on two grounds—one that the Palghar’s magistrate did not have jurisdiction in the case and second, that the complainant had fraudulently misled the court with an intent to harass and extort the company.

Apart from the Indiabulls group, the police report also named realty company Chordia Group and Harish Fabiani, co-founder of Americorp Capital, among others.

IBHL, in its petition, is learnt to have highlighted that Kamble, who had claimed to be a resident of Palghar, actually resides in Mumbai, according to the record of Registrar and transfer agents certificate.

The company is facing similar charges in the Delhi High Court, which is hearing a Public Interest Litigation (PIL) filed by the NGO citizens whistle blower forum.

Image Source

Also Read: CBI moves against ex-NHAI official for violation of terms

Also Read: Indiabulls, HDFC join hands to offer home loans at competitive rates

The Maharashtra police has lodged an FIR against Indiabulls Group, including its flagship Indiabulls Housing Finance (IBHL), for allegedly handling funds illegally and for accounting irregularities committed by the promoters and directors of the company between 2014 and 2020. The Palghar police has registered an FIR under various sections of the Indian Penal Code (IPC) dealing with cheating, fraud and criminal conspiracy. The move comes after Palghar’s judicial magistrate passed an order under Section 156 (3) of the Code of Criminal Procedure (power to direct police/agency to investigate the matter), following a complaint filed by Ashutosh Kamble, a shareholder of IBHL. In his complaint to the Palghar court, Kamble had claimed that he suffered a devaluation of his shares due to alleged misdealings between 2014 and 2020. He also made several allegations against the founder and promoter Sameer Gehlaut and other directors in connection with the misappropriation of funds by the company. Sources told the media that Indiabulls had filed a petition last week seeking quashing of the proceedings in the Bombay High Court. The court is expected to hear the matter later this week. The case was sought to be quashed on two grounds—one that the Palghar’s magistrate did not have jurisdiction in the case and second, that the complainant had fraudulently misled the court with an intent to harass and extort the company. Apart from the Indiabulls group, the police report also named realty company Chordia Group and Harish Fabiani, co-founder of Americorp Capital, among others. IBHL, in its petition, is learnt to have highlighted that Kamble, who had claimed to be a resident of Palghar, actually resides in Mumbai, according to the record of Registrar and transfer agents certificate. The company is facing similar charges in the Delhi High Court, which is hearing a Public Interest Litigation (PIL) filed by the NGO citizens whistle blower forum. Image SourceAlso Read: CBI moves against ex-NHAI official for violation of terms Also Read: Indiabulls, HDFC join hands to offer home loans at competitive rates

Infrastructure Transport

11 May 2026

Shivraj Chouhan Launches PMGSY IV and Announces Package for Madhya Pradesh

Union Minister Shivraj Singh Chouhan launched the Pradhan Mantri Gram Sadak Yojana (PMGSY) IV at Bhairunda in Sehore district during the 25 year celebrations and announced a development package for Madhya Pradesh. The programme was organised by the Union Ministry of Rural Development and attended by Chief Minister Dr Mohan Yadav, ministers of state, state ministers, legislators and senior officials from the centre and the state. The minister said the central government under the Prime Minister is committed to strengthening rural livelihoods through improved connectivity, housing and women's in..

Infrastructure Urban

11 May 2026

DMR Engineering Reports FY 25-26 Financial Results

DMR Engineering reported its half year results for the financial year ended 31 March 2026 and published full year figures on a standalone basis. Standalone revenue from operations decreased by 2.01 per cent year-over-year to Rs 102.58 million (mn), while profit after tax declined by 43.94 per cent to nine point five six mn, leaving a profit after tax margin of nine point zero five per cent. Earnings per share stood at Rs zero point nine two, a fall of 44.71 per cent year-over-year. The company attributed part of the decline to one-off provisioning for bad debts and additional financing charges..

Infrastructure Urban

11 May 2026

Atlanta Electricals Posts Strong FY26 Growth And Debt Free Finish

Atlanta Electricals reported audited consolidated results for the quarter and year ended 31 March 2026. The company recorded significant year-on-year revenue growth driven by capacity ramp-up at new facilities and higher utilisation at legacy plants. The announcement summarised operating improvements and strategic milestones achieved during the year. For Q4 the company reported revenue of Rs 7.48 bn and for FY26 revenue of Rs 18.52 bn, representing robust growth versus the prior year. EBITDA in Q4 was Rs. 1.49 bn and Rs. 3.44 bn for the full year, with margins expanding to 20 per cent in the q..