Lenders to crisis-hit DHFL lay down conditions for promoters

DHFL has sold as much as Rs 41,000 crore of its Rs 78,000-crore retail loan portfolio to banks and others

Lenders to crisis-hit Dewan Housing Finance Corporation (DHFL), in the process of finalising a resolution plan, have discussed broad contours of a “binding agreement” that would lay down conditions for the promoters, led by Chairman and Managing Director Kapil Wadhawan.  

The conditions discussed in the lenders’ meeting on Monday included the pledging of shares by the promoters, providing personal guarantees, and a reconstitution of the company’s board, which would entail the appointment of new directors as well as key managerial personnel. A DHFL spokesperson declined to comment on the matter.

Wadhawan, who attended part of the meeting, apprised the lenders that there