Piramal Enterprises (PEL) on Monday strongly refuted as "baseless rumours" reports of loan defaults by real estate developers to its lending arm Piramal Capital & Housing Finance Ltd (PHFCL).
A Piramal Enterprises statement said the developers in its lending portfolio rumored to have defaulted have never defaulted on any interest or repayment obligation to PEL or PCHFL.
"Among others the rumours relate to loan defaults to PEL/Piramal Capital & Housing Finance Limited (PCHFL) by real estate developers such as Lodha, Omkar, Vatika, Embassy, Radius, Nahar, Aristo, Supertech etc," the statement said.
"Developers like Lodha, Omkar, Vatika and Embassy referred to in the rumours are part of our lending portfolio but have never defaulted on any interest or repayment obligation to PEL/PCHFL.
"Additionally, contrary to rumours, PCHFL has not extended any loan to developers like Aristo, Nahar, Supertech, Radius and Amrapali. Therefore, there is no question of any default on loan repayments by these developers."
PCHFL received the housing finance license in August 2017 and the National Housing Board has now initiated their annual inspection of the company, PEL said.
"This is purely routine and procedural in nature," it added.
The Piramal statement comes in the backdrop of a series of loan defaults last month by IL&FS which severely dented the stocks of housing finance as well as non-banking financial companies.
--IANS
bc/prs
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app