Piramal Capital

Anand Piramal will chair Piramal Finance with Jairam Sridharan as MD and CEO after NCLT approves merger with Piramal Enterprises, effective from the record date

Says all money recovered from fraudulent transactions must be paid to Piramal

Of the Rs 550 crore of bad loans put up for sale by PCHFL, Rs 314 crore are unsecured loans, and Rs 236 crore are secured loans

Piramal Pharma on Friday said it will pay USD 407,400 to US-based VetDC, Inc to settle a dispute over rejected batches of a product. Piramal Pharma Solutions Inc, a unit of the company, and VetDC, Inc have entered into a settlement agreement for an amount of USD 407,400, the drug maker said in a regulatory filing. VetDC had claimed damages on account of rejection of certain batches of product manufactured and supplied by Piramal Pharma Solutions Inc. "While the company continues to believe that its legal stand is appropriate against claims made by VetDC and maintains that it has defence to VetDC's claims of liabilities and damages, in order to solely avoid continued legal costs and uncertainties of protracted litigation, the Company and VetDC have both decided to settle," Piramal Pharma said. The company shall have no responsibility for any other costs beyond the amount of USD 407,400, it added. "This settlement will not have a significant impact on the financial position of the .

Counterbids for the two pools of bad loans are being invited separately by the non-banking finance company, with the condition that all bids must be on a "full cash" basis

Top executives of India's leading NBFCs at the Business Standard BFSI Insight Summit discussed whether they feel a need to step out from under the shadow of traditional banks

Since the acquisition of DHFL in 2021, the goal has been to build on its strong customer franchise in smaller towns

On a sequential basis, the company's profit jumped more than nine-fold

In terms of the framework, once an NBFC is classified as NBFC-UL, it shall be subject to enhanced regulatory requirement, at least for a period of five years

The PCHF contended that it cannot be saddled with the offences allegedly committed by the previous management prior to the initiation of the insolvency proceedings

In a Q&A, Jairam Sridharan dwells on his company's proposed retail thrust and the challenges facing the NBFC sector

Piramal Capital & Housing Finance expects to grow its retail loan book to more than Rs 1 lakh crore over the next three years from around Rs 25,000 crore now

Two-thirds of AUM book to be from consumer business, firm to focus on underserved

Auction to be held on two days, starting December 22

While Deloitte, the process advisor to RCap's administrator, is said to be rooting for liquidation, CoC advisor KPMG hopes to close deal and award the firm to highest bidder

In November last year, the Reserve Bank of India had sent the company to debt resolution after it defaulted on its loans worth Rs 24,000 crore

As many as 55 companies submitted expressions of interest (EoIs) for Reliance Capital but only a few submitted binding bids

Piramal Capital and Housing Finance Ltd has withdrawn the insolvency proceedings against Reliance Power Ltd. Piramal Capital and Housing Finance Ltd has withdrawn the application made against Reliance Power Ltd under section 7 of the Insolvency and Bankruptcy Code 2016, a BSE filing stated. This follows an out-of-court settlement between both the companies over a Rs 526 crore loan default by Reliance Power and its subsidiary Reliance Natural Resources Ltd (RNRL). In 2010, RNRL merged with Reliance Power. RNRL had defaulted on a loan of Rs 526 crore obtained from the erstwhile Dewan Housing Finance Corporation Ltd (DHFL). The Piramal Group had acquired DHFL in 2021 and merged it with Piramal Capital and Housing Finance. In March this year, Piramal Capital initiated bankruptcy proceedings against Reliance Power under section 7 of the IBC, 2016 in the NCLT Mumbai to recover dues. In July, during a hearing on Piramal Capital's application, both the companies had informed the NCLT ..

The company typically draws its customers from the self-employed category with a monthly take-home income of anywhere between 15,000 rupees ($183.99) to 60,000 rupees

Piramal had appealed against the National Company Law Appellate Tribunal (NCLAT) order directing DHFL's lenders to reconsider their decision on the valuation of the financial firm's fraud accounts