IHFL: Non-Bailable arrest warrant issued against blackmailers

Indiabulls Housing Finance Limited (IHFL) has informed that the courts have issued non-bailable arrest warrants against Kislay Panday and his father Ram Mani Panday who ran an organised racket which involved in blackmailing IHFL and attempted to extort money from the company a few weeks ago.

Earlier, there was buzz in the media that IFHL's top management officials indulged in diverting funds and misused company’s money. Follow this, the company registered a police complaint. In the meantime, a complainant filed a petition in the Supreme Court against the company and later withdrew it when he was confronted by the company. As a result of the investigation following the police complaint by the company, an organised racket was unearthed, claimed the company. It is run by duo Kislay Panday and his father Ram Mani Panday who are advocates by profession and run a law firm. Operating a law firm, the duo purchased shares of target companies in the name of crony associates and then fabricate facts and figures which were used to frame voluminous complaints to various government agencies including courts stating financial irregularities and frauds of very huge amounts, said the company in a statement filed to the exchange. By creating turbulence in a company, they then file petitions which won’t get listed immediately thus giving them time to blackmail the company and extort money for withdrawing the complaints and petition, said a press release filed by IHFL.

After this development, the stock of the company closed at Rs. 621.75 per share, an increase by 0.42 per cent or Rs. 2.60 per share on BSE. The 52-week high is Rs.1,396.85 and 52-week low is Rs. 500.20.