||This article may require cleanup to meet Wikipedia's quality standards. (January 2008)|
||This article appears to be written like an advertisement. (July 2008)|
|Traded as||NSE: INDIABULLS
|Industry||Financial Services, Real Estate, Power|
|Key people||Sameer Gehlaut Chairman & CEO, Rajiv Rattan, Vice Chairman, Saurabh Mittal, Vice Chairman|
|Products||Securities, Consumer Finance, Mortgages, Real Estate|
|Employees||~ 20000 (2007)|
Indiabulls is an Indian company headquartered in Gurgaon (NCR Delhi), with presence in the real estate, infrastructure, financial services, securities, retail, multiplex[who?] and power sectors. In middle of 1999, Sameer Gehlaut and his close IIT Delhi friend Rajiv Rattan bought a defunct securities company with a NSE membership and started offering brokerage services later joined by their friend Saurabh Mittal. In December 1999, the company built one of the first online platforms in India for offering internet brokerage services. In mid-2000, Indiabulls Financial Services received venture capital funding from Lakshmi Mittal & Harish Fabiani.
- 1 Indiabulls group
- 2 Indiabulls Group Companies
- 3 News regarding the group
- 4 References
- 5 External links
Indiabulls Group is one of India's business houses. The Group has several businesses; many of the companies are public entities and are listed on Indian stock markets.
Indiabulls was conferred the status of a “Business Superbrand” by The Brand Council, Superbrands India in 2008.
Indiabulls Group Companies
Indiabulls Housing Finance Ltd (IBHFL) is an integral part of the Indiabulls Group, one of the leading conglomerates in India. IBHFL is a subsidiary of Indiabulls Financial Services Ltd. The company, which was for incorporated in May 2005, is registered as a Housing Finance Company and is regulated by National Housing Bank.
Since 2005 IBHFL has grown by leaps and bounds and has its business wings spread all over India. Today, this young and enterprising new generation Housing Finance Company has its presence in more than 57 cities across the country with more than 200 operational branches. One of the major reasons for Indiabulls Housing Finance Ltd being a huge hit in the Housing finance sector of India is that every year the company supports the dreams of lakhs of Indians to buy their own dream home. They assist the home buyers or loan borrowers at every step to make their home buying experience happy. Since inception it has provided loans worth Rs. 79,600 Crore ($ 13.04 billion) to 5.76 lakh retail customers. Currently it has loan asset book of Rs. 39,064 Crore ($6.4 billion). During the year 2012-13 the company had revenues of Rs. 4,778 Crore ($ 796 million) and earned profit after tax of Rs. 1,266 Crore ($207 million). As on 30th September 2013, the net worth of the company stood at Rs 5,688 Crore ($0.93 billion). The company has a long term credit rating of AA+
IBHFL stands committed to services its borrowers by adopting fair practices codes and it strictly adheres to the regulatory norms. The hallmark of their services is full customer satisfaction and developing friendly relationships with every customer. IBHFL believes in serving its customers with full commitment, passion and highest degree of transparency.
IBHF boasts of having a team of careful, attentive and receptive executives who listen to the feedbacks of their customers. Apart from offering a wide range of home loan schemes, the company offers loans at competitive interest rates. The wide range of services offered by IBHFL includes providing suggestions on choosing the right property, assessing the documents to verify its authenticity, completing the documentation process and choosing the right home loan scheme. IBHFL owing to their existence in the home loan market for a long time provide expert advice on fraudulent builders.
IBHFL has earned the reputation of being technology friendly to provide the most efficient services to the home loan borrowers. Indiabulls Housing Finance Limited provides their customers access to their online portal to provide their customers a pleasant experience in borrowing home loan.
Indiabulls Real Estate Limited
Indiabulls Power Limited
Indiabulls Power Limited is a developer of power projects in India. It was established in 2007 as a subsidiary of Indiabulls Real Estate Limited. Subsequently it went public (IPO) in 2009 and is now listed on the NSE and the BSE. It is currently developing thermal power projects in Amravati and Nasik in Maharashtra and has recently signed an MOU for a power project in Mansa district of Punjab.
Indiabulls Securities Limited
Indiabulls Securities Limited is an Indian capital markets company. It's in-house trading platform is called "Power Indiabulls".
IB Technology Solutions
IB Technology Solutions designs and delivers technology for small, medium and large sized companies globally across 3 continents – Asia, Africa and America.
News regarding the group
In 2005, the SEBI discovered some irregularities in the IPO of YES Bank. It was discovered that a few investors controlled a huge number of demat accounts using which they bought shares of companies during their IPO's and then transferred those shares to their financiers at low rates and made huge profits between the IPO price and the listing price. Roopalben Nareshbhai Panchal, a customer of Indiabulls Securities and some other stock broking firms, was found to be controlling 15,000 demat accounts and was later convicted on the case. In the initial order some broking firms, including Indiabulls Securities, were restricted from proprietary account participation in the markets. However, the order was reversed and put in abeyance by SEBI the very next day of the original order. SEBI subsequently conducted an inquiry into the matter and absolved Indiabulls Securities of any charges.
Insinuations by clients
There have been unconfirmed insinuations of misuse of investor accounts levelled against Indiabulls. The complainants allege that Indiabulls used the money held by investors – its clients, resorted to illegal transactions from their accounts and later refused to admit that it had done so. Indiabulls in its defence quoted that all transactions require the clients to provide a dynamic security code with the client. Since no tranasaction can be placed without this code, it is difficult for anybody to do unathorised trades. Further, there have been allegations that the company counter-charges such defrauded clients. Numerous cases relating to such allegations have been filed in Indian courts. During the course of investigation the compainants alleged that the company may have tried to bribe courier services into issuing bogus receipts of contract notes sent to a Delhi businessman.
Indiabulls put forward its defence on two counts; all clients would receive contract notes in electronic form in their email so they would have all the records and no transaction could be done without providing the dynamic security code by the clients therefore any manipulation is difficult.
An important fallout of such cases is the assertion of court jurisdiction over matters pertaining to the Economic Offenses Wing (EOW) and the Securities Exchange Board of India (SEBI). The High Court of Delhi chastised the EOW for failing to register a First Information Report in the matter. Thus while the SEBI and EOW might penalise the various broking outfits on certain violations, victims may still register FIR's with the police and obtain justice in this matter.
ArcelorMittal, Indiabulls to form JV for coal, iron ore mining
“The joint venture will look at all mining opportunities that will be offered in India, while for captive purposes , coal and iron ore are the two minerals we will be interested in,” Indiabulls executive director Gagan Banga told ET. He declined to elaborate on likely investments, saying that mining operations will be carried out through special purpose vehicles.
The move to form a joint mining venture is the latest by ArcelorMittal to establish a presence in the Indian steel market, considered the world’s second largest after China. ArcelorMittal, which alone accounts for 8% of global steel production, had announced plans to set up steel projects in Jharkhand in 2005 and Orissa in 2006. However, not much progress has been made, owing to delay in ironore linkages or in acquiring land.
Two officials of Indiabulls Securities Limited were booked by the police on allegations of fraud in May 2004. The victim alleged that despite giving the company business worth INR 200 million, the company had not issued any certificate or document to him showing that he was an associate. The two company officials had instead duped him of nearly INR 2.3 million.
Punjab appoints Indiabulls power to set up 1,350-mw plant
. Chandigarh: The Punjab State Power Corporation signed a memorandum of understanding with Indiabulls Power for the development of 1350 mW coal-fired thermal power project in the state.
KD Chaudhri, chairman cum managing director, PSPCL informed that the MoU with Indiabulls Power is for development of 1350-mW coal-fired Thermal Power Project near villages Bhupal and Harisinghwala at about 9 km from Mansa in two phases. He said the company will develop two units of 270 mW each (total 540 mW) in the first phase and 3 units of 270 mW each (total 810 mW) in the second phase.
For the purpose of development of project, a special purpose vehicle, Peona Power Development—a 100% subsidiary of India Bulls Group—has been created by the company. Chaudhri said the proposal has been made under new Power Generation Policy notified by the Punjab government on 21 June 2010 in order to facilitate accelerated addition to power generation capacity in the state so as to meet the increasing electricity demand and to achieve higher growth rates
- "Business Superbrands 2nd Edition August 2008, India".
- FT.com profile of Indiabulls Properties Investment Trust
- "IPO case: What, when, who and how?". New Delhi: IBN Live. CNN-IBN Live. 28 April 2006. p. 1. Retrieved 5 April 2009.
- "Sebi order big setback for Karvy, brokers". The Indian Express (Mumbai). 28 April 2006. p. 1. Retrieved 5 April 2009.
- "Leading broker gets a breather". Mumbai: The Hindu Business Line. 28 April 2006. p. 1. Retrieved 20 July 2009.
- "Sebi lets off Indiabulls in IPO scam". Mumbai: Business Standard. 6 December 2007. p. 1. Retrieved 20 July 2009.
- Lama, Prawesh (2 February 2009). "Stock & bull". New Delhi: MiD DAY. MiD DAY. p. 1. Retrieved 5 April 2009. "Investors allege shares worth crores vanished from their Indiabulls accounts in a blink; They say the company played with their money without telling them, and is now refusing to refund; Papers available with MiD DAY show that Indiabulls contradicted itself in submissions to the police and a complainant."
- "FIR against India Bulls officials for illegal transactions.". Press Trust of India. 6 March 2008. Retrieved 5 April 2009.
- Lama, Prakash (3 February 2009). "'Indiabulls asked us to fake it'". New Delhi: Mid DAY. Mid DAY. p. 1. Retrieved 5 April 2009. "Courier firm employee told police that finance company asked him to produce bogus receipts of contract notes sent to south Delhi industrialist; the businessman had allegedly suspected foul play in his Indiabulls account"
- "Delhi High Court refuses to stay investigation against Indiabulls officials". The Economic Times (New Delhi). Press Trust of India. 8 April 2008. p. 1. Retrieved 5 April 2009.
- "Financial services firm in the dock". Times of India (New Delhi). Times News Network. 6 March 2008. p. 1. Retrieved 5 April 2009.
- Anand, Utkarsh (19 January 2009). "Despite SEBI inquiry, court allows FIR against broker's officials". New Delhi: Expressindia. Indian Express. p. 1. Retrieved 5 April 2009.
- ram, ji (7 September 2010). "las leg". Economic Times (India). Economic Times.
- "Fraud: India Bulls men booked". Panchkula: Expressindia. Express News Service. 23 May 2004. p. 1. Retrieved 5 April 2009.
- Krish, Devansh. "Power". The Financial Express (India). Economic Times.