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DHFL, Reliance Capital using 'box firms' to avoid disclosures: Report

DHFL, Reliance Capital use the structure to avoid disclosures: REDD Intelligence

Topics
Reliance Capital  |  Nbfc  |  Dhfl

Dev Chatterjee & Jash Kriplani  |  Mumbai 



Illustration
Three box companies — Hemisphere, Galaxy and Silicon — which owned 31.1 million shares in DHFL as of March 2018, or almost 9% in DHFL, sold 11.65 million shares, which did not appear in the register by March 2019

India’s non-banking financial (NBFCs) have floated “box companies” to evade disclosure of funds given to related parties and evergreening old loans, said a REDD Intelligence report dated June 7.

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First Published: Mon, June 10 2019. 23:36 IST

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