DHFL’s audit committee in its meeting on January 31 had appointed chartered accountant firm TP Ostwal & Associates as an independent expert to carry out an in-depth review and independently verify data relating to allegations made by Cobrapost. The firm has examined the transactions of DHFL with 26 entities for loans aggregating to Rs 11,522 crore (Rs 10,960 crore per the company's records).
The audit firm major findings reveal that DHFL has not promoted any of the alleged 26 "shell" companies that are borrowers. Further, it does not have any directors in common, including members from the promoter group, with any of these alleged "shell" companies. Further, the company or promoters do not have any shareholding in these entities, nor are these entities shareholders of the company. Accordingly, there are no indications to confirm the allegations that the company has created shell companies to divert funds,” the audit firm said in major findings.
Certain lapses and departures from the standard operating procedures (SOPs) and policies laid by the company have been identified. These lapses, point to a deficiency in the adherence with the policies in several instances - the risk of which needs to be examined by the Company.
Though the company is required to monitor post disbursal end use of funds by the borrowers, our examination indicates the monitoring in respect of 15 borrowers (loans amounting to Rs 7,485 crore) is significantly inadequate, added report. CLICK HERE TO READ FULL REPORT
DHFL finally settled 11 per cent higher to Rs 149 on the BSE. The trading volumes on the counter jumped nearly three-fold with a combined 56.47 million equity shares changed hands on the BSE and NSE today.