Managium Juris LLP and the office of Kislay Panday have issued a public apology to Indiabulls Housing Finance Ltd for filing a petition and various complaints against the housing finance company with false and sensational allegations regarding the company's merger with Lakshmi Vilas Bank.
In an advertisement published today in Times of India, Kislay Panday, partner of Managium Juris says, "Abhay Yadav withdrew the petition filed before the Supreme Court, which remained unlisted due to defective filing to cause trouble for Indiabulls. Further, all similar false and factually incorrect complaints have now been withdrawn that were drafted through my office and were sent through my office under the names of individuals such as DR Niwas, Kunal Shekhar, Jitendra Upadhyay, R Narayan, Manoj Singh, Mohan Raj Saxena, Shaukat Ali, Shailendra Tiwari and Velayudam from across the country to flood various authorities and government functionaries with complaints against Indiabulls for the sole purpose of sensationalising allegations against Indiabulls and causing harassment to the company."
Mr Yadav, in his petition, which is now withdrawn, had alleged that Indiabulls Housing Finance has misappropriated Rs98,000 crore of public money.
In June 2019, Indiabulls Housing said that investigations by the Gurgaon police had unearthed an organised racked run by two lawyers, Kislay Panday and his father Ram Mani, under the name of Managium Juris.
In a regulatory filing in June this year, Indiabulls had said, "Upon evaluation of the evidences gathered so far in the case and statements recorded by various employees of Managium Juris under section 164 in front of a judge, the courts had issued non-bailable arrest warrants against Kislay Panday and Mani Ram Panday. Both of them were absconding and on the run. Records at the Seemapuri Police Station at Delhi show that there were at least four first information reports (FIRs) against Kislay Panday and Ram Mani Panday filed between the years 2002-2011 by various individuals for offences such as cheating, fraud, extortion, blackmailing, threatening and offences under the Arms Act."
Indiabulls had said that a racket of blackmailers had been trying to extort money from Indiabulls over the past two months threatening to write complaints to various government departments alleging siphoning off Rs55,000 crore if Rs10 crore was not paid to them, following which the company filed an FIR ( first information report) on 4 June 2019.
It further said that one of the people involved in the blackmail was arrested on 7th June. Following the arrest, the group of people involved floated another complaint enhancing the amount in question to Rs98,000 crore.
In its public apology, Managium Juris, states, “We now realise that misrepresentations and incorrect facts in the complaints and petitions have caused serious financial and reputational loss to Indiabulls, its promoters, directors, officials and shareholders. We undertake not to indulge in such activities ever in future and assure all concerned that neither me or my firm shall, whether directly or indirectly, file any kind of litigations or complaints against Indiabulls Group or its companies.”
"There are other people trying to scuttle Indiabulls Housing merger with Laxmi Vilas Bank for their own vested interests and reasons. We reaffirm and reassure Indiabulls group that we will not, directly or indirectly, be a party to any of such actions or represent any of these group of people," the law firm concluded.
On Tuesday at 2.45pm, Indiabulls Housing was trading 10% up at Rs556.55 on the BSE, while the benchmark Sensex was flat at 37,394.