In a new twist, Indiabulls Housing Finance Ltd has said that investigations by the Gurgaon police has unearthed an organised racked run by two lawyers, Kislay Panday and his father Ram Mani, under the name of Managium Juris LLP. The court has issued non-bailable arrest warrants against the father-son duo, who are absconding, the company says. The Gurgaon police were probing a complaint filed by one Vikash Shekhar against Indiabulls.
According to Indiabulls, the Pandays are shown on their website as a firm with 3,000 lawyers as against a staff strength of 10 people. "In their usual style of blackmailing and putting pressure, over the last 10 days Kislay Panday and Ram Mani Panday are repeatedly sending the malicious complaint that was initially used for trying to extort monies from Indiabulls to different departments under the names of several people such as Kunal Shekhar from village Sitamari in Bihar (brother of Vikash Shekhar who is in judicial custody), Jitendra Upadhyaya, Manoj Singh & Shailendra Tiwari from different villages in Barabanki in Uttar Pradesh (UP). FurtheroneShaukat Ali from a village in Rewa in Madhya Pradesh (MP), R Narayan from Palam Village in Delhi and Mohan Raj Saxena from Dileep Bhai ki Chawl in Mumbai," it added.
In a regulatory filing, Indiabulls says, "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 have issued non-bailable arrest warrants against Kislay Panday and Mani Ram Panday. Both of them are absconding and on the run. Records at the Seemapuri Police Station at Delhi show that there are 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."
According to the company, a structured and organised set-up enabled the Pandays to project themselves as a legitimate law firm. "Their modus operandi is to first purchase a few shares of the target company in the name of their crony associates and then target such large corporates by fabricating facts and figures which are used to frame voluminous complaints to various government agencies including courts alleging financial irregularities and frauds of unimaginably huge amounts.
"Such complaints are then sent to various authorities on behalf of the crony associates under the shareholder whistle blower policy. Such shareholders are made to buy 4shares of the company worth Rs3,000 only a month back. They then file a petition before the court in a manner that such petitions don’t get immediately listed and then extort monies in lieu of withdrawing such complaints and petitions.
"Investigating agencies are also probing their involvement in profiteering by creating turbulence in share prices of companies. We understand that a lot of incriminating evidence has been found in the raid of offices of Managium Juris," it added.
Abhay Yadav, who had withdrawn his petition against Indiabulls from the Supreme Court, was quoted by the company as saying, “I have no knowledge of the contents of the complaint and do not know anything about Indiabulls or its promoters, directors, officers etc. and I have not drafted any such complaint. I now realise that such papers, affidavits, applications etc. that were signed by me have been misused to file false complaints and petitions against Indiabulls and other companies with malafide intentions. I did not know about all these things and my name has been misused.”
Mr Yadav, in his petition has alleged that Indiabulls Housing Finance has misappropriated Rs98,000 crore of public money.
In a statement earlier, the company has described the allegations against its chairman Sameer Gehlaut and other directors as 'bizzare' and designed to malign the reputation of Indiabulls.
The statement came after a plea was filed in the apex court last week seeking legal action against Indiabulls, Mr Gehlaut and the other directors for alleged misappropriation of public money. It said thousands of crores had been siphoned off by Mr Gehlaut and the directors of the firm for their personal use.
"The total loans on the books of Indiabulls Housing are about Rs90,000 crore. The allegation of siphoning-off Rs98,000 crores is bizarre," the company had said in a regulatory filing.
Indiabulls had said that a racket of blackmailers has 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.
Indiabulls had said the writ petition filed against it was a 'desperate attempt' to damage its reputation.