Page 2 - Dhfl

SC rejects YES Bank founder Rana Kapoor's bail in money laundering case

Rana Kapoor has been in jail since March 2020 in connection with the DHFL money laundering case

Sebi slaps fine on two former DHFL promoters for flouting disclosure norms

Capital markets regulator Sebi on Monday slapped fines totalling Rs 20 lakh on two former promoters of Dewan Housing Finance Corp Ltd (DHFL) for flouting disclosure norms. Individually, the regulator levied a penalty of Rs 10 lakh each on Kapil Wadhawan and Dheeraj Wadhawan, who were promoters of DHFL (now known as Piramal Finance). The order came after Sebi conducted an investigation into the transfer of shares held by DHFL in DHFL Pramerica Life Insurance (erstwhile DLF Pramerica Life Insurance) to its wholly-owned subsidiary DHFL Investments and other related transactions. The investigation period was from February-March 2017. In its 45-page order, Sebi's Adjudicating Officer Prasanta Mahapatra said, "I find that complete and adequate information was not disclosed to the shareholders of the company as observed from the postal ballot notice and draft share purchase agreement (SPA), which was the responsibility of the noticee (Kapil Wadhawan and Dheeraj Wadhawan)". The postal bal

SAT declines to grant any immediate relief to Yes Bank's Rana Kapoor

Refusing to grant a stay on the notice, the tribunal pointed out that there was no urgency and asked the original matter to be heard as scheduled previously

DHFL-YES Bank case: Wadhawan denied bail; his delay for police escort noted

Dheeraj Wadhawan, one of the promoters of DHFL currently in jail in a case pertaining to alleged fraud connected to Yes Bank, was denied medical bail by a special court which observed he had not paid Rs 24 lakh for police escort provided to him during his long hospitalisation. In his order of July 14, the details of which were made available on Monday, the special CBI judge MG Deshpande noted that the police had to knock the doors of the court to recover this amount. The judge said the illness for which medical bail has been sought doesn't require any long hospitalization or interim bail, adding that the gravity and magnitude of the alleged offence committed by the accused cannot be ignored. In his plea, Wadhwan sought medical bail on the grounds that he has serious heart related medical issues, citing he had suffered a massive heart attack at the age of 38 in January, 2018, which required emergency angioplasty in Switzerland. The court, however, said medical science was more advan

YES Bank-DHFL scam: Court says nation is victim, denies bail to realtor

A special CBI court here has denied bail to Pune-based builder Avinash Bhosale in connection with a case pertaining to the Yes Bank-DHFL scam, saying the nation is the victim of cheating and criminal conspiracy. The court said that prima facie Bhosale's involvement in this serious economic offence is deep-rooted. While Special Judge M G Deshpande denied bail to Bhosale on June 23, the detailed order was available on Tuesday. The court said that Yes Bank's money, which is basically public money and the wealth of the nation, was usurped. The bank was cheated by wisely hatching criminal conspiracy by accused persons. Money of Yes Bank is the wealth of the Nation. Nation is victim of this offence of cheating and criminal conspiracy, the court said, declining to give relief to Bhosale. The special judge said that the way the fraud was committed, granting bail to the applicant (Bhosale) is not safe and there is every possibility of spoiling the case by tampering with the evidence and ..

Returning aircraft to lessors will render Go First 'dead': NCLT's IRP to HC

From denying bail to Manish Sisodia in the excise policy case to hearing a plea of the bankrupt Go First, here are important cases heard by the Delhi High Court today

DHFL money laundering case: HC denies bail to Yes Bank founder Rana Kapoor

The Bombay High Court on Thursday refused to grant bail to Yes Bank founder Rana Kapoor in connection with the DHFL money laundering case, noting that he was one of main accused in the case and he faced a "serious charge" of having laundered public money. A single bench of Justice P D Naik in its order said Kapoor misused his official position to gain undue financial benefit for himself, his family members and associates. "He (Kapoor) is involved in bribery, corruption and money laundering activities. The proceeds of crime (POC) involved in this case are to the extent of Rs 5,333 crore. It is alleged that applicant had siphoned off huge amounts of POC out of India through his family group owned/controlled companies," the HC said. It added that around Rs 378 crore have been invested overseas and investigation in this is still on. The bench said it cannot ignore Kapoor's role in the crime, the magnitude and seriousness of the crime. "The allegations against the applicant is that the

SC quashes ED appeal, says grant of bail duration to include remand period

Dismissing an appeal of the Enforcement Directorate, the Supreme Court on Monday ruled that the 60/90-day duration for the grant of default bail in a criminal case will include the remand period. A bench of Justices KM Joseph, Hrishikesh Roy and BV Nagarathna dismissed the appeal filed by the ED challenging the Bombay High Court order granting bail to former DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan in a Yes Bank money laundering case being probed by the agency. "The remand period will be calculated from the date, magistrate remand the accused. An accused becomes entitled to default bail if the charge sheet is not filed by 61st or 91st day of the remand period", the bench said. The three-judge bench answered the larger issue referred to it by a two-judge bench in 2021. It directed the pending petitions pertaining to the case be placed before a two-judge bench. The top court had on February 9, reserved its verdict on the appeal of ED. On February 23, 2021, the top court ha

Sebi revokes securities market ban on 8 former promoter entities of DHFL

Sebi on Friday revoked the securities market ban imposed on eight former promoter entities of Dewan Housing Finance Ltd (DHFL) in a case pertaining to alleged fraudulent financial transactions. Also, the regulator said the investigation in the matter had been completed and thereafter it initiated quasi-judicial proceedings against Kapil Wadhawan, Dheeraj Wadhawan, Rakesh Kumar Wadhawan and Sarang Wadhawan who were the other four former promoters of DHFL (now known as Piramal Finance). The eight former promoter entities are -- Aruna Wadhawan, Malti Wadhawan, Anu Wadhawan, Pooja Wadhawan, Wadhawan Holdings Pvt Ltd, Wadhawan Consolidated Holdings Pvt Ltd, Wadhawan Retail Venture Pvt Ltd and Wadhawan Global Capital Ltd (formerly known as Wadhawan Housing Pvt Ltd). The entities are collectively referred to as noticees. In its fresh order, Sebi's Whole Time Member Ashwani Bhatia said, "I note that the investigation in the matter has now been completed, and quasi-judicial proceedings are

IDBI Bank proclaims Kapil & Dheeraj as wilful defaulters of Rs 758 cr loans

After dilly-dallying for over two years, the IDBI Bank Ltd. has finally declared the DHFL promoters and siblings -- Kapil Wadhawan and Dheeraj Wadhawan -- as 'wilful defaulters'

SC notice to CBI on Piramal Capital & Housing Finance plea to quash FIR

The PCHF contended that it cannot be saddled with the offences allegedly committed by the previous management prior to the initiation of the insolvency proceedings

Our becoming bank rests on regulatory intent for NBFCs: Piramal Finance MD

In a Q&A, Jairam Sridharan dwells on his company's proposed retail thrust and the challenges facing the NBFC sector

Delhi HC calls for Centre's stand on NIA probe against DHFL's ex promoters

The Delhi High Court Thursday sought to know the Centre's stand on a plea seeking a probe by NIA against several persons, including former DHFL promoters Kapil and Dheeraj Wadhawan facing prosecution in a multi-crore bank loan scam case, for allegedly indulging in terror funding. The petition claimed the Enforcement Directorate (ED) has apparently "unearthed multiple links indicating that the accused persons have funded the Iqbal Mirchi-Dawood Ibrahim terrorist gang, while (allegedly) criminally misappropriating the public money through banks". "You seek instructions on this," a bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad told central government standing counsel Anurag Ahluwalia. The court granted four weeks time to the Centre's counsel to get instructions in the matter and listed it for further hearing on February 22. Petitioner Santosh Kumar Singh, an ex-army personnel, sought direction to the Centre and the NIA to order investigation by the agency

DHFL case: Delhi HC to hear CBI plea challenging bail to Wadhawan brothers

The Delhi High Court on Tuesday agreed to hear in detail the Central Bureau of Investigation (CBI) plea challenging the trial court order granting statutory bail to Dheeraj and Kapil Wadhawan

DHFL 34,615 cr loan fraud case: Money laundered via 87 shell firms

The CBI in its charge sheet lodged in the Rs 34,615 crore DHFL loan fraud case has said that the accused created 87 shell companies and 2,60,000 fake borrowers to launder money

CBI files charge sheet against DHFL's ex-CMD Kapil Wadhawan, 74 others

The CBI has filed a charge sheet against former Dewan Housing Finance Ltd (DHFL) CMD Kapil Wadhawan and 74 others in connection with a Rs 34,000-crore bank fraud case, officials said on Saturday. In its charge sheet, filed before a Special CBI court here, the agency has also named then director Dheeraj Wadhawan and former CEO Harshil Mehta as accused in the mega-scam case, officials said. The agency had registered the case in June in DHFL bank fraud matter for allegedly defrauding a consortium of 17 banks to the tune of Rs 34,000 crore, making it the biggest banking loan fraud of the country, they said. In the charge sheet, the agency has listed 18 individuals and 57 companies through which funds were diverted, they alleged.

DHFL case: Delhi court dismisses statutory bail plea of Wadhawan brothers

A Delhi court has dismissed the statutory bail plea of former Dewan Housing Finance Corporation Limited (DHFL) promoters, Kapil Wadhawan and his brother Dheeraj, arrested by the CBI in connection with a multi-crore bank loan scam case. The accused had claimed before the court that since the CBI failed to file the charge sheet against them within the mandatory 60-day period from their arrest, they had indefeasible right to statutory bail, also known as default bail, in the matter. The two accused were arrested in the present FIR on July 19. Special Judge Vishal Gogne, however, said the filing of the present charge sheet in the investigation shall rather be governed by Section 167(2)(a)(i) CrPC, which provides for a maximum period of 90 days. The judge noted that the accused were also charged with section 409 (criminal breach of trust by public servant, or by banker, merchant or agent) for which the maximum punishment was life imprisonment, which brings the period of completion of ..

DHFL bank fraud: Court denies bail to businessman in Rs 34,615-crore scam

A Delhi court has denied bail to businessman Ajay Ramesh Nawandar in a Rs 34,615-crore bank fraud case involving Dewan Housing Finance Limited (DHFL), on account of his possible influence on both evidence and witnesses. The court held that the accused was prima facie complicit at some stage in the diversion of the humongous funds originating from the loans. In the present facts, the Court is inclined to decline the bail not because the offences are economic in nature but on account of the investigation into the present offences being intricate, the accused prima facie being complicit at some stage of the handling/diversion of the humongous funds originating from the loans, a strong likelihood of him tampering with evidence and the foreseeable possibility of him influencing witnesses if admitted to bail, Special Judge Vishal Gogne said. The Central Bureau of Investigation (CBI) had earlier conducted searches at Nawandar's premises and recovered a large collection of uber-luxury watch

CBI seizes AgustaWestland chopper in DHFL loan fraud case of Rs 36,415 cr

In a latest development in connection with the DHFL loan fraud case of Rs 34,615 crore, the Central Bureau of Investigation (CBI) on Saturday said it has seized a helicopter parked at a hangar

Pune realtor diverted Rs 300 cr of DHFL money to buy London property: CBI

Pune-based builder Avinash Bhosale spent Rs 300 crore of the over Rs 550 crore received from DHFL to buy a property in London, the Central Bureau of Investigation (CBI) has said in a charge-sheet