'Outstanding term loans from Yes Bank to IBHFL and its promoters are zero': Indiabulls

Indiabulls has clarified their position on the loan exposures by various corporate entities to Yes Bank Ltd (YBL) on Sunday. Indiabulls Housing Finance Ltd (IBHFL) claims that as of 31 December 2019, the company’s loan exposure to YBL stood at Rs 425 crores. The said loan, however, was subsequently repaid by the mortgage lender and that they aren't ‘large entity’ owing money to the bank.

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The private bank was placed under moratorium by RBI on March 5. IBHFL on Sunday informed the Exchanges that they have no outstanding term loan from Yes Bank. The company also claims that outstanding term loans from Yes Bank to the promoter, Sameer Gehlaut or any of the companies linked to him or his family members are zero.

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'Outstanding term loans from Yes Bank to IBHFL is zero'

“In relation to some rumors and misinformation in social media regarding term loans of Yes Bank to IBHFL, we would like to place the following facts in the public domain…. The outstanding term loans from Yes Bank to IBHFL are zero. The outstanding term loans from Yes Bank to the promoter of IBHFL or any of his promoter companies/ family members companies are zero,”  reads the statement issued to the Exchanges on Sunday

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“The misinformation campaign on Indiabulls Housing Finance is being orchestrated by the blackmailing and extortion gang who we have been dealing with for past one year, few members of this gang are in jail and few absconding. We are in the process of taking legal action on various media platforms that the gang is abusing to spread misinformation about IBHFL,” added the statement.

In another filing by the company on March 8 , the company had informed the Exchanges that , “... Yes Bank owes to IBHFL Rs 662 crores via AT-1 bonds. The investments in AT-1 bonds of Yes Bank were made in 2017, as a part of its treasury management of over Rs.20,000 crores of cash and when the bank was worth over $ 10 billion in value,” stated the Exchange filing.

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