Update on PIL against promoter: EOW status report clears company
IBULLSLTD · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
EOW Delhi Police filed status report in Supreme Court on PIL against promoter Sameer Gehlaut (ceased to be promoter in 2023). All 197 loans worth Rs 8,267.86 crore to 5 borrower groups (DLF, Vatika, Americorp, Chordia, Reliance ADAG) fully repaid with interest; gross collections reached Rs 11,073.77 crore, about Rs 2,800 crore more than sanctioned. No financial loss caused; SEBI and NHB audits found no diversion of funds. Quid pro quo claims negated as alleged investments predated borrowings by 17 months to over 2 years. Reliance ADA Group investigation still ongoing. Delhi HC had dismissed PIL in Feb 2024.
Positive for company reputation - investigations clear promoter of allegations, but Reliance ADA probe continues and Supreme Court SLP is pending.