Plotting a fantasy: 3 reasons why DHFL's rescue plan is entirely fictional

The only reason the rescue is even being attempted is to delay - as long as possible - the collapse of the large shadow lender Dewan Housing Finance

Suspend your disbelief, and like the protagonist of the popular Bollywood movie “3 idiots,” keep muttering: “All is well, all is well.”

If it isn’t yet, it will be.

That seems to be the whole approach behind the ongoing efforts to restructure an Indian financier, Dewan Housing Finance Corp., which some months back started defaulting on its outstanding debt of $12 billion.

Trouble is, the rescue is entirely fictional. The only reason it’s even being attempted is to delay — as long as possible —  the collapse of this large shadow lender. Such an event, as S&P Global said in a rare