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Indiabulls founder Gehlaut goes downhill after meteoric rise

New Delhi, Oct 1 

Sameer Gehlaut, the founder of Indiabulls group, has been in spotlight for wrong reasons with petitions filed against his group firms for alleged wrong-doings but the Rohtak man is among the handful who have completed the journey of a billionaire at warp speed.

An engineering graduate from the elite Indian Institute of Technology (IIT), Gehlaut started his business journey in 1999 along with some of his friends. Although he first ventured into stock trading, a risky business but potential to earn millions quickly, his group now figures among the diversified conglomerates of India Inc.

Gehlaut's business empire covers consumer finance, housing finance, insurance, real estate and pharma among others.

As per Forbes magazine, the networth of Gehlaut and family is about $1.1 billion. His Indiabulls Housing Finance is India's second biggest mortgage lender.

Although Gehlaut has charted his own destiny in the world of business, he comes from a political family. His mother, Krishna Gahlawat, is a key BJP functionary in Haryana. Before joining BJP in February 2014, she was a key face of the Congress.

She was also a minister in the Bansi Lal government between 1996 and 2000. As per her election affidavit, she has assets worth Rs 46 crore while total liabilities being Rs 2 crore.

Gehlaut and his firms have been in news lately for alleged round-tripping of funds involving Indiabulls Housing Finance Ltd.

In a public interest litigation (PIL) filed in the Delhi High Court, Citizens Whistle Blower Forum has alleged that his company indulged in alleged irregularities, violations and siphoning of funds.

The Court has issued a notice to the company, Ministry of Corporate Affairs (MCA), Reserve Bank of India (RBI) and the Securities and Exchanges Board of India (SEBI) in the case. The next hearing is scheduled on December 15.

Indiabulls Housing Finance has, however, refuted the charge, terming the allegations as pack of lies. The company has filed an application before the Court for perjury and misrepresentation under oath against lawyer-activist Prashant Bhushan for willfully filing a PIL full of false and incorrect information and thereby causing willful reputational loss to the company

In a statement, Indiabulls Housing Finance said that the company has also filed criminal defamation case against Prashant Bhushan under Sections 499, 500 and 501 under Indian Penal Code for conniving with blackmailers and defaming the company.