Hares of India bulls Real Estate zoomed 12 per cent to Rs 115.55 on the NSA in Tuesday’s intraday trade in an otherwise weak market on the back of heavy volumes after the company clarified that Enforcement Directorate (ED) investigation did not pertain to the company and has no bearing on the business and operations of the company.
At 11:40 am; the stock traded 10.6 per cent higher at Rs 114, as compared to a 1.1 per cent decline on the S&P BSE Senses. The trading volume at the counter jumped considerably times, with a combined 39 million equity shares changing hands on the NSA and BSE.
On Monday, the stock of the real estate company slipped 15 per cent to Rs 103 after ED raided the premises of India bulls Finance Center in Delhi and Mumbai.
“We wish to clarify that ED has sought some information from India bulls Housing Finance Limited (IH FL) regarding certain of their clients, and it is understood that the necessary data has been provided to ED by IH FL and its officials. The said ED investigation did not pertain to India bulls Real Estate Limited (the 'Company') and has no bearing on the business and operations of the Company,” India bulls Real Estate said in an exchange filing.
Sameer Gehlaut has resigned from the office of non-executive director and chairman of the company, effective from 31st December 2021. Further, the outgoing Promoters have submitted that they are not involved in the day to day management of the company, India bulls Real Estate said.
The Enforcement Directorate (ED) on Monday raided the premises of India bull's Finance Center in Delhi and Mumbai. This is in connection with money laundering allegations made against the firm and promoter Sameer helot in April 2021.
Last year, a case was lodged against the company and its promoter at Palomar, Maharashtra, where it was alleged that the company siphoned off money invested in its own shares to boost prices.
The ED search is on the basis of an Enforcement Case Information Report (EC IR) registered by the ED. It was under the Prevention of Money Laundering Act, 2002 (P MLA) against the company and its promoter.
News agencies reported that the ED had earlier recorded the statement of a Pune-based businessman, who deals in real estate, in this connection. According to agency reports, ED officials held a meeting on Sunday to plan Monday’s raid.
In a statement to the exchanges, India bulls Housing Finance said ED had sought certain clarifications regarding the FIR.
“We wish to inform that the Enforcement Directorate sought some information regarding certain clients and the matter originates from EC IR No. 07/HUI/2021 filed by ED on the basis of an FIR lodged in village WADA, Palomar, Maharashtra in April 2021. The company and its officials have provided the data of clients to the Enforcement Directorate,” the statement said.
The company further said the EC IR, registered by ED, stems from an FIR filed by one Ashutosh Gamble, who is part of the long-running extortion and blackmail racket against the company.
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