Public Apology to Indiabulls Housing Finance over False Suit, Complaints
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 Further, all similar false and factually incorrect complaints have now been withdrawn that were drafted through my office and were sent through my office under the names of individuals such as DR Niwas, Kunal Shekhar, Jitendra Upadhyay, R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Mr Yadav, in his petition, which is now withdrawn, had alleged that Indiabulls Housing Finance has misappropriated Rs98,000 crore of public money.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.
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    COMMENTS

    Bapoo Malcolm

    4 months ago

    The Kislay Panday and IndiaBulls matter is a sad reflection on us as a country. No wonder that lawyers are being vilified everywhere.

    Have always maintained that our courts are overloaded, and overworked, thanks to frivolous litigation and malicious prosecution. My personal estimate is a figure of over 50%. The main area is in PILs and defamation cases, and property litigation. In short, blackmail. Courts must come down heavily on bogus cases, even insisting on lawyers to certify the veracity of the cases being filed. Lawyers must carry out due diligence. To depend only on clients' information is dangerous. I write this as being a victim of such abuse. I trusted a lawyer client, yes, a lawyer, a highly educated one. Now we double check EVERYTHING. People may speak the truth and nothing but the truth. But they seldom say the whole truth. And therein lies the rub. We have a couple of such experiences every week.

    The trick is to cross-examine your new clients, first. They may not come back, but, so much the better. Last week one lost his temper on the way out. And said he would not pay our fees because he was reminded by a person younger than he!

    Lawyers must resist the temptation to lie in court. A client discontinued my services when I told him that I would not allow him to lie in court. Unfortunately, lying is becoming a mantra.

    Slowdown continues: Domestic passenger cars sales plunge 36% in July
    The slump in domestic passenger cars' sales continued with the segment's off-take plunging by 35.95 per cent in July.
     
    According to industry observers, high cost due to GST, low demand, lack of adequate liquidity continued to dent purchases.
     
    According to the Society of Indian Automobile Manufacturers (SIAM), passenger cars sales in the domestic market dropped to 122,956 units from 191,979 units sold during July 2018.
     
    Among the other sub-segments of passenger vehicles, the number of utility vehicles sold in India went down by 15.22 per cent to 67,030 units in July 2019, while 10,804 vans were sold last month, down 45.68 per cent from the corresponding month of 2018.
     
    Overall, passenger vehicle sales declined 30.98 per cent in July to 200,790 units from 290,931 units. 
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    COMMENTS

    NIRANJAN SARKAR

    4 months ago

    I really don't understand. If I go to showrooms and ask to book the latest SUV/MSUV models, I'm told booking is halted due to overbooking. When we read car sales report we are told that sales are down. Does it mean, people are booking like crazy and then canceling? Hard to believe.

    tapan sur

    4 months ago

    This is exactly what I predicted on that fateful day at 12:01 am, that there will be a teratogenic effect on the economy, no one wanted to believe, but now I have been proved, we are in for more shocks. The only way out is to accept that there is a problem & then look for a solution, or be doomed!

    Nanda Patel

    4 months ago

    Similar accusation were done by "Subramanian Swamy".

    https://www.moneylife.in/article/subramanian-swamy-accuses-indiabulls-of-1-lakh-crore-fraud-indiabulls-denies/57783.html

    Slowdown Effect: Auto sector workers' seek govt intervention
    Faced with the nightmarish prospect of job losses, auto sector employees have sought government's intervention through relief measures for the industry dented by truncating demand.
     
    The employees cited that till now job losses have mainly occurred on the part manufacturers' side, however, if the current market conditions prevail then downsizing might become a reality even in the OEMs.
     
    At present, the automobile industry has been impacted the hardest by a consumption slowdown which is a culmination of several factors like high GST rates, farm distress, stagnant wages and liquidity constraints.
     
    Besides, inventory pile-up at the dealership level and stock management of unsold BS-IV vehicles have become a problem for the sector.
     
    Accordingly, the industry's production levels have also receded as demand plunged, eventually leading to job losses.
     
    Industry insiders at the auto cluster of Gurugram-Manesar, home to automobile majors such as Maruti Suzuki, Hero MotoCorp and Honda Motocycle & Scooter India, say that around 50,000 to 1 lakh temporary employees across the entire value-chain, including those from ancillary industries, logistics and raw material suppliers, have been sent on unpaid leave or sacked.
     
    However, no authentic data is currently available on the extent of job losses, as most of these have occurred on the auto part suppliers' side.
     
    "The industry is struggling to survive. It requires oxygen in the form of relief measures like lower GST taxes and better road networks," Kuldeep Janghu, General Secretary of Maruti Udyog Kamgar Union, told IANS in Gurugram.
     
    "The auto industry is completely run by private sector and these companies will not be able to sustain or require the current levels of manpower, as production will fall on the back of declining demand." 
     
    According to Satish Kumar, an employee with a tier-I parts manufacturer to an automobile major, stable policies are required, as the ever changing physical specification of parts due to newer norms has led some vendors to shut-shop.
     
    "These changes based on newer norms have been taken from developed countries and require heavy investments even on the side of small parts manufacturers. Many vendors had to simply shut shop because they did not have access to those kind of resources," Kumar said.
     
    "It seems that customers have also postponed purchases and are waiting for the change in technology from BS IV to BS VI."
     
    In addition, the employees have asked the government to create an environment for easier access to finance that might prop-up sales.
     
    "The collapse of NBFCs is a major factor for the sales downturn as these companies used to provide bulk of automobile financing," Rajesh Shukla, General Secretary of Hero MotoCorp Workers Union, told IANS.
     
    "The government should look into the issue and create an environment where access to cheap finance is available." 
     
    Last week, automobile sector's representatives met Finance Minister Nirmala Sitharaman to apprise her of the grim situation.
     
    Recently, all major OEMs consisting of passenger, commercial, two and three wheeler manufacturers have reported a massive decline in domestic sales.
     
    Figures from the Society of Indian Automobile Manufacturers (SIAM) showed that domestic passenger car sales in June went down by 24.07 per cent to 139,628 units. The July figures are awaited.
     
    Consequently, sales slowdown led to curtailment of manufacturing with the domestic passenger cars' production coming down by 22.26 per cent to 169,594 units in June.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    COMMENTS

    Kochar Bipin

    4 months ago

    Government should immediately announce a 6% GST reduction on BS VI vehicles. Further, it should remove all restrictions on auto exports - this will enable Maruti, which has the highest royalty payout to access latest technology, to leverage Suzuki's global network to exports around 50000 cars a month.

    Finally, RBI needs to refinance NBFCs and HFCs to expand loan books

    Charan Rawat

    4 months ago

    I am not able to fathom the reasons why the auto sales have plummeted since 10/2018.

    Is it that the sales were primarily driven due to easy money available through NBFCs. And post ILFS / DHFL fiasco, easy money is no longer available to these NBFCs , thereby affecting the sales. And banks are not an easy source of personal credit.

    But was it not incumbent on the auto makers to see how the sales are taking place and what is the cause ? Who would not binge if easy money is available.

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