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63 Moons dues: HC restrains DHFL promoters from going abroad

Press Trust of India  |  Mumbai 

The Bombay High Court on Thursday restrained Dewan Housing Finance Corporation Ltd (DHFL) promoters Dheeraj Wadhawan and Kapil Wadhawan from leaving the country.

The order came on a petition filed by 63 Moons Technologies seeking recovery of dues of around Rs 200 crore from DHFL.

Justice S J Kathawalla said the Wadhawans will have to seek permission from the high court if they wish to leave the country.

After the court passed the order, the DHFL counsel submitted a statement in the afternoon session that the Wadhawans will not leave the country before November 14.

The court was hearing a plea filed by Jignesh Shah-promoted 63 Moons Technologies for recovery of around Rs 200 crore which it said were due from mortgage lender DHFL, and seeking a direction that the Wadhawans should not leave the country.

DHFL had earlier told the court that the Wadhawans may have to travel abroad to raise funds.

63 Moons raised apprehension that they may escape if allowed to leave the country.

63 Moons, which had subscribed to non-convertible debentures (NCD) of DHFL, approached the court after the latter failed to repay the money.

DHFL has challenged maintainability of the petition, arguing that trustees of bond-holders have already filed an application before the Pune bench of Debt Recovery Tribunal (DRT) for recovery of dues on behalf of debenture-holders, so this petition is redundant.

The Enforcement Directorate is conducting a probe against DHFL over alleged financial irregularities.

The court posted the plea for further hearing on November 14.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 07 2019. 20:20 IST