I think Indiabulls is no doubt cheap on current valuation. But off late I have decided to avoid investment in certain corporate houses and Indiabulls is one among them. I agree that in India it might be difficult to get totally clean management but one need to make difference between management which can go any length to defraud minority investors, general public interest and misuse their political connections.
There is very much possibility that it might go up 50% from current levels if euphoria comes back to market or progress on power plants continues, but I will definitely avoid this.
This a June 2013 Post of Valuepickr Forum under thread Indiabulls power.
One of the forum member had casted doubt on the Corporate Governance 6 years back.