Page 4 - Dhfl

DHFL: NCLAT sets aside order that directed to consider Wadhwan's 2nd offer

The National Company Law Appellate Tribunal (NCLAT) has set aside an earlier order of the Mumbai bench of the NCLT, which had directed the administrator of the debt-ridden DHFL to put the second settlement proposal by erstwhile promoter Kapil Wadhwan before its lenders for consideration. The appellate tribunal observed that NCLT has passed directions to consider the second proposal from Wadhwan, despite the fact that the Committee of Creditors (CoC) of DHFL had already by an overwhelming majority approved the Piramal Capital & Housing Finance's resolution plan and the administrator had applied before it for its approval. Citing a recent judgement passed by the Supreme Court in the case of Ebix Singapore, the NCLAT said "there was no scope for negotiations between the parties once the CoC has approved the resolution plan". "The said exercise was beyond the jurisdiction of the adjudicating authority (NCLT), hence unsustainable and liable to be set aside," said a three-member NCLAT ..

NCLAT urges CoC rethink on Piramal ascribing Re 1 value to DHFL's bad loans

63 Moons Technologies had moved tribunal over the low valuation ascribed to assets worth Rs 40,000 cr, with DHFL lenders getting nothing if Piramal group recovered from these loans later

NCLAT asks CoC to consider 63 moons' plea in DHFL Resolution Plan

The NCLAT on Thursday ordered the petition to be considered by the Committee of Creditors (CoC).

Post DHFL acquisition, Piramal Capital to open 100 branches

Having access to over 10 lakh customers post acquisition of DHFL last year, Piramal Capital & Housing Finance (PCHFL) plans to open 100 branches and expand to 1,000 more cities in coming years. In September 2021, PCHFL completed acquisition of debt-laden Dewan Housing Finance Ltd (DHFL), thereby creating one of the largest housing finance companies in the country. PCHFL has now access to over 1 million (10 lakh) customers across 24 states with a network of 301 branches, PCHFL said in a release on Tuesday. To address diverse financing needs of the under-served 'Bharat' market, the company plans to expand its operations to about 1,000 cities in the next three years, with physical presence in about 500-600 cities. In the next 12 months, it expects to open another 100 branches, the company said. "We have integrated the two organisations to create one consolidated firm. There has been no attrition among employees of the erstwhile lender, and we have been able to finalise roles for ...

DHFL case: Yes Bank's former business head Rajiv Anand gets bail

A special CBI court here on Thursday granted bail to Rajiv Anand, a former business head of Yes Bank, in a cheating and corruption case involving the private sector lender DHFL.

Bombay High Court discharges DHFL in cheating, corruption case filed by CBI

Bombay High Court discharged DHFL and dropped the proceedings against it in a case of cheating and corruption against its former directors Kapil and Dhiraj Wadhawan, and Yes Bank founder Rana Kapoor

Sebi confirms directions passed against 12 promoters of DHFL

Markets regulator Sebi on Friday confirmed the directions passed against twelve promoters of DHFL which barred them from accessing securities market. A detailed investigation in the matter is pending. The promoters are -- Kapil Wadhawan, Dheeraj Wadhawan, Rakesh Kumar Wadhawan, Sarang Wadhawan, Aruna Wadhawan, Malti Wadhawan, Anu S Wadhawan, Pooja D Wadhawan, Wadhawan Holding Pvt Ltd, Wadhawan Consolidated Holding Pvt Ltd, Wadhawan Retail Venture Pvt Ltd and Wadhawan Global Capital Ltd (formerly known as Wadhawan Housing Pvt Ltd). In an interim order passed in September 2020, Sebi had restrained them from accessing securities market and had also barred them from associating themselves as directors or promoters of any listed public company or associating with any intermediary registered with Sebi. The order had been passed after a transaction auditor raised serious concerns over authenticity and reliability of DHFL's financial statements for the period of financial years 2007-2019.

Piramal Enterprises board approves scheme for pharma business demerger

Piramal Enterprises said shareholders will be issued 4 shares in demerged entity for every 1 held in Piramal Enterprises

Piramal Capital & Housing Finance acquires DHFL via reverse merger

Piramal Enterprises on Friday said its subsidiary, Piramal Capital & Housing Finance Limited (PCHFL), has merged with debt-ridden Dewan Housing Finance (DHFL) after paying Rs 34,250 crore to the creditors of the troubled housing finance company. PCHFL has merged into DHFL with effect from September 30, 2021 pursuant to the reverse merger as contemplated under scheme of arrangement provided under the resolution plan, Piramal Enterprises said in a regulatory filing. "Consequent to the Reverse Merger, DHFL shall issue such number of equity shares to the shareholders of PCHFL i.e. to Piramal Enterprises Limited (PEL), in accordance with the scheme of arrangement provided under the resolution plan," it said. Upon allotment of equity shares to PEL, DHFL will become a wholly-owned subsidiary of PEL, it said, adding, Piramal Enterprises Limited will acquire 100 per cent of the equity share capital in DHFL. "The acquisition is in line with a strategic roadmap to transform and expand ...

DHFL acquisition to see Piramal Enterprises sharpen its retail focus

Completes acquisition; pays Rs 34,250 cr to creditors

Will step down from Tata board if there's a conflict, says Ajay Piramal

In an interview, Piramal Group chairman said he would not hesitate to step down from Tata Sons board if there is a sense of conflict of interest after his acquisition of DHFL

Piramal Group acquires DHFL for total consideration of Rs 34,250 cr

The creditors of DHFL will recover an aggregate amount of Rs 38,000 crore from the resolution

DHFL corruption case: HC refuses bail to Yes Bank founder's wife, daughters

A single bench of Justice Bharati Dangre rejected the bail applications filed by Kapoor's wife Bindu and daughters Roshini and Radha

HC reserves orders on bail pleas of wife, daughters of Yes Bank founder

The Bombay High Court reserved the orders on bail applications of Yes Bank founder Rana Kapoor's wife Bindu Kapoor and daughters Radha and Roshini Kapoor in an alleged corruption case involving DHFL

DHFL case: Denied bail, Yes Bank founder's wife, daughters move HC

Yes Bank founder Rana Kapoor's wife Bindu and daughters Roshni and Radha Kapoor Khanna on Monday approached Bombay High Court

DHFL case: CBI court denies bail to Yes Bank's former business head

A special CBI court in Mumbai on Monday denied bail to Rajiv Anand, former business head of Yes Bank, in a cheating and corruption case involving private sector lender DHFL. The bank's co-founder Rana Kapoor is one of the accused and is in judicial custody in a related case being probed by the Enforcement Directorate. Anand's bail plea was rejected by special judge S U Wadgaonkar, who granted bail to two other accused, Dularesh Jain and Sunil Chaudhary. The court had, on Saturday, denied bail to Rana Kapoor's wife Bindu and daughters Radha and Roshini. As per the CBI, Yes Bank invested Rs 3,700 crore in debentures of DHFL, which, in return, allegedly paid kickbacks of Rs 600 crore to DoIT Urban Ventures, a firm controlled by Kapoor's wife and daughters.

SC asks NCLAT to hear 63 moons plea against DHFL sale within two months

The Supreme Court on Monday refused to stay the implementation of DHFL Resolution Plan on the plea filed by 63 moons technologies and directed the NCLAT to hear the issue expeditiously.

Parliamentary panel, Sebi likely to discuss action in key cases

Franklin Templeton fiasco, brokers' default, outcomes of IL&FS & DHFL may be taken up during today's meet

DHFL posts four-fold jump in Q1 consolidated net profit at Rs 314 crore

Dewan Housing Finance Corporation (DHFL) on Friday reported an over four-fold jump in its consolidated net profit at Rs 314.43 crore for the quarter ended June 2021. The company had posted a net profit of Rs 70.10 crore in the same quarter a year ago and Rs 96.75 crore in the preceding quarter ended March 2021. The total income, however, fell by 14 per cent to Rs 2,001.36 crore during Q1 FY22, as against Rs 2,328.86 crore in Q1 FY21 as interest income fell, DHFL said in a regulatory filing. Interest earned in the June 2021 quarter fell to Rs 1,990.72 crore, as against Rs 2,315.93 crore earlier. On the other hand, expenses reduced drastically to Rs 1,553.74 crore from Rs 2,236.05 crore. The National Company Law Tribunal (Mumbai bench) had in June this year approved the resolution plan submitted by Piramal Capital & Housing Finance for the debt-ridden DHFL. Subsequently, the company set up a monitoring committee in July, as per the terms of the resolution plan and the plan approval

NCLAT refuses to stay Piramal Group's resolution plan for DHFL

A two-member ben­ch presiding over the case said, "We do not think that any int­erim order as sou­ght with regard to resolution plan app­roved needs to be passed."