Indiabulls Housing Finance Limited (IBHFL) on Thursday moved an application in the Delhi High Court for the recall of notice issued to it on a PIL which seeks a probe into the mortgage lender. Senior advocate Mukul Rohatagi appearing for IBHFL told the court that when the notice was issued on the petition the shares of the company fell from ?800 to ?200. He alleged that the main purpose of the PIL was to cause damage to the company which has already been done. He said that there's no case against the company complaining about cheating, fraud or default on demand. '... our shareholders are getting affected by market volatility and the interests of the investors are also in jeopardy. We are a private company, we have not cheated anyone." He said. He further said that due to this PIL the proposed merger between Lakshmi Vilas Bank and Indiabulls Housing Finance Limited got cancelled. The court said that it will hear the application with the main writ petition on 29 November. The Ministry of Corporate Affairs (MCA) through an affidavit also told the court that it is inspecting the complaints against the Indiabulls Group of companies. On 9th October, the first ever attempt by a non-bank lender to merge with a bank in the country got rejected by Reserve Bank of India (RBI) The petition has been filed by an organization called Citizens Whistle Blower Forum (CWBF), a registered organization working to provide a platform to whistle-blowers across the country. The PIL seeks “an in-depth, thorough and time-bound investigation" by a special investigation team, alleging serious illegalities, violations and siphoning committed by the promoters of IBHFL, its subsidiaries and their promoters. The petitioner also sought directions to the ministry of corporate affairs, registrar of companies (RoC), serious fraud investigation office (SFIO), National Housing Bank (NHB), RBI, and Sebi to take action against IBHFL and its promoters/owners. The petitioner wanted the ministry of corporate affairs to conduct an investigation through the SFIO into the alleged irregularities. It also wants the RBI and NHB to investigate the financial affairs of IBHFL and direct a special audit of the lender. It has also sought for a direction to Sebi to conduct a thorough enquiry and investigation into the affairs of IBHFL.