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<ul><li>The troubled Deewan Housing Finance sold ₹20 billion from its loan portfolio to foreign investors, according to reports. </li><li><keyword id="127124" type="CITY" weightage="20" keywordseo="DHFL">DHFL</keyword> has been in the news for its debt crisis.</li><li>The company’s rating had also been downgraded by rating agencies like CRISIL and ICRA. </li></ul>Deewan Housing Finance (DHFL) which has been in the news for long for its high debt, sold ₹20 billion of its loan portfolio to <a href="https://www.livemint.com/market/stock-market-news/dhfl-soars-almost-10-on-clearing-dues-of-retail-investors-1560146464734.html">offshore</a> investors. DHFL has used this money to pay off its debt. According to reports, the transaction was monitored by Hong Kong-based SC Lowy, says a Mint report. In the beginning of June 2019, DHFL delayed payments on its loan for over ₹8.5 billion and had said that it would clear dues within 7 days. Earlier this month, the company had paid ₹3.5 billion to investors. After IL&amp;FS went belly up last year, there has been panic in the system and questions were raised on the performance of non-banking financial companies as well as housing finance companies. All eyes were on DHFL after the incident, who was downgraded by rating agencies CRISIL and ICRA. Having cleared an interest to the tune of ₹9.61 billion, DHFL was set to seek a rating upgrade, according to <a href="https://www.livemint.com/market/stock-market-news/dhfl-soars-almost-10-on-clearing-dues-of-retail-investors-1560146464734.html">reports</a>. To save the company from its crisis, Private Equity firm AION Capital is <a href="https://economictimes.indiatimes.com/markets/stocks/news/pe-firm-aion-capital-set-to-become-single-largest-shareholder-in-dhfl/articleshow/69819075.cms">reportedly</a> in talks to invest in the company to become its largest stakeholder. The company as much as $1 billion from the stake sale.

This almost-defaulter saves itself by selling its loans to a foreign investor

New Delhi, <keyword id="10062958" type="UNKNOWN" weightage="20" keywordseo="transaction-auditor-grant-thornton">Transaction auditor Grant Thornton</keyword>, in a report shared with the <keyword id="57372" type="COMPANY" weightage="20" keywordseo="Administrator">Administrator</keyword> of <keyword id="127124" type="CITY" weightage="20" keywordseo="DHFL">DHFL</keyword>, has found certain transactions which are undervalued, fraudulent and preferential in nature, putting the newly-discovered fraud at ₹6,182 crore. The Administrator of <keyword id="6423706" type="DOMAIN" weightage="20" keywordseo="dewan-housing-finance">Dewan Housing Finance</keyword> Company Ltd, appointed under the Insolvency and Bankruptcy Code, 2016 to carry out the duties under it, obtained assistance from <keyword id="10802312" type="UNKNOWN" weightage="20" keywordseo="reputed-professional-agency">reputed professional agency</keyword>, Grant Thornton to conduct investigation of the affairs of the company in respect of transactions qualified under sections 43 to 51, and sections 65 and 66 of the Code. Accordingly, the Administrator of the Company received an initial report from the professional agency appointed as the transaction auditor, indicating that there are certain transactions which are undervalued, fraudulent and preferential in nature, falling under the aforesaid sections of the Code, as per a filing. On basis of the investigation and observations of the transaction auditor, the Administrator has filed an application before the Mumbai bench of the <keyword id="6354457" type="COMPANY" weightage="20" keywordseo="National-Company-Law-Tribunal">National Company Law Tribunal</keyword> (NCLT) under Section 45, Section 60(5) and Section 66 of the Code on February 20, 2021 in respect of disbursement made to certain entities as other large project loans (OLPL), against Kapil Wadhawan, <keyword id="2992416" type="PERSON" weightage="20" keywordseo="Dheeraj-Wadhawan">Dheeraj Wadhawan</keyword>, Creatoz Builders Pvt Ltd, Ikshudip Fincap Pvt Ltd, Rite Developers Pvt Ltd and certain other entities. It is to be noted that further filings may be undertaken, in due course. The nature of fraud is in relation to irregularities in disbursement of OLPL loans by the company in the past. As per the transaction auditor report shared with the Administrator, the monetary impact of the above transactions covered under the application amounts to ₹5,381.90 crore towards outstanding principal, ₹589.36 crore towards accrued interest and ₹210.85 crore towards notional loss of interest on account of charging lower rate of interest. Thus, the total impact of such transactions, as detailed in the transaction auditor's report, has been sought from the relevant entities involved, along with the interest for the relevant period, through the said application filed with NCLT. As per the report prepared by the transaction auditor, the concerned transactions occurred over a period of time, detailed in the report. Based on the report, the application has been filed with NCLT, Mumbai against 33 respondents, including Kapil Wadhawan, Dheeraj Wadhawan, Creatoz Builders Pvt Ltd, Ikshudip Fincap Pvt Ltd, Rite Developers Pvt Ltd and certain other entities. The preliminary estimation included in the application places the monetary impact of the concerned transactions at approximately ₹6,182.11 crore (which includes ₹210.85 crore towards notional loss of interest on account of charging lower rate of interest). All relevant details regarding these proceedings have been included in the application filed before the National Company Law Tribunal, Mumbai and is presently pending consideration. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/nurecas-100-crore-ipo-heres-how-to-check-share-allotment-status/articleshow/81135236.cms">Nureca’s ₹100 crore IPO: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/travel/article/exploring-the-unreal-beauty-of-the-andaman-islands/articleshow/81126293.cms">Exploring the unreal beauty of the Andaman Islands</a> <a href="https://www.businessinsider.in/stock-market/news/happiest-minds-is-leveraging-its-partnerships-with-big-players-like-google-microsoft-aws-salesforce/articleshow/81105035.cms">Happiest Minds is a smaller company that does the same thing as MindTree and L&amp;T Infotech — but clearly it is doing it a lot better</a>

Fraudulent transactions of ₹6,182 crore in DHFL unearthed

Bankrupt non-banking financial company (<keyword id="6355260" type="UNKNOWN" weightage="20" keywordseo="NBFC">NBFC</keyword>) <keyword id="127124" type="CITY" weightage="20" keywordseo="DHFL">DHFL</keyword> has defaulted on the repayment of Rs 50 crore on secured non-convertible debentures (NCD) and has attributed its failure to repay the principal payment to the moratorium restrictions on it. "It may please be noted that the company is currently under moratorium pursuant to Section 14 of the Code since November 29, 2019 and hence, the company is not in a position to make payment of interest or principal to any of the company lenders, including NCDs holders," DHFL said in a regulatory filing. The payments to the lenders or NCD holders remains in abeyance and will be subject to the outcome of the corporate insolvency resolution process (CIRP) initiated against the company as per the Insolvency and Bankruptcy Code, 2016. Last November, the Reserve Bank of India (RBI) superseded the Board of Directors of the company and appointed an administrator and accordingly, the board powers were vested in the firm's administrator. Further, the Mumbai-bench of the National Company Law Tribunal (NCLT) at Mumbai commenced the CIRP against the company in December, following an application by the RBI. The company reportedly has debt of around Rs 97,000 crore and has allegedly siphoned off Rs 31,000 crore from the total bank loans. Company promoters Kapil Wadhawan and Dheeraj Wadhawan were arrested by the Central Bureau of Investigation in April and are currently facing probe.

DHFL fails to repay ₹50 crore on secured non-convertible debentures – blames moratorium restrictions for non-payment

Mumbai, Dec 29 () The Reserve Bank of India-appointed administrator of the crippled Dewan Housing Finance Ltd (DHFL) called for a meeting of its creditors for the first time on Monday after the mortgage lender was admitted for insolvency proceedings.
 The third-largest pure play mortgage player is the first non-banking financial company or housing finance company to face the corporate insolvency resolution process.
 The Mumbai bench of the National Company Law Tribunal (NCLT) had admitted the company for insolvency resolution on December 2 and appointed Indian Overseas Bank former managing director and CEO R Subramaniakumar as the company's administrator.
 "Since the resolution professional (administrator) has now been appointed, he is meeting all the creditors and will discuss the way forward for resolution of the company," a source told .
 DHFL did not respond to an e-mail query.
 The meeting on Monday will be attended by all creditors of the company including banks, bondholders, insurance and mutual fund companies.
 Subramaniakumar will also discuss timelines so that the account is resolved at the earliest, he said.
 "The status of the claims that have been received so far by the company will also be decided upon," said another source.
 In its order on December 3, the NCLT asked the company's administrator to update the list of depositors, along with the amount payable to each of them. Following this, the administrator had reportedly asked all its fixed depositors and bondholders to file their claims by December 17.
 The NCLT order had also noted that the company has an outstanding unsecured loan of Rs 18,882 crore as of March 31, 2018. The unsecured loans constituted Rs 10,243 crore of public deposits for the same period.
 Citing governance issues and severe liquidity crisis, the regulator on November 20 superseded the board of DHFL and appointed Subramaniakumar as its administrator.
 The decision on DHFL came after the government on November 15 notified Section 227 of the Insolvency and Bankruptcy Code (IBC), empowering the RBI to refer stressed financial service providers with an asset size of at least Rs 500 crore to insolvency courts.
 The central bank has also appointed a three-member committee, consisting of IDFC First Bank Non-Executive Chairman Rajiv Lall, ICICI Prudential Life Insurance Managing Director and CEO N S Kanan, and Association of Mutual Funds in India CEO N S Venkatesh, to advise the company's administrator in the resolution process.
 As of July 2019, the beleaguered home financier owes Rs 83,873 crore to banks, National Housing Board, mutual funds and bondholders/retail bondholders. Of the total, secured debt stands at Rs 74,054 crore and unsecured Rs 9,818 crore. Most banks have or are going to declare DHFL account as non-performing assets in the third quarter. HV HRS

DHFL creditors to meet on Monday for discussing resolution

The CBI carried out searches at seven locations on Monday in connection with the <keyword id="8878575" type="UNKNOWN" weightage="20" keywordseo="yes-bank-scam">Yes Bank scam</keyword> pertaining to the Rs 600 crore alleged bribe to the family of its co-founder <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword> by DHFL, officials said. Teams of CBI officers are carrying out operations at the residence and official premises of the accused in Mumbai, they said. The agency has alleged that Kapoor, 62, entered into a criminal conspiracy with <keyword id="152129" type="COMPANY" weightage="20" keywordseo="Kapil-Wadhawan">Kapil Wadhawan</keyword>, DHFL promoter, for extending financial assistance to DHFL through Yes Bank in return for substantial undue benefits to himself and his family members through companies held by them, they said. According to the <keyword id="522895" type="ORGANIZATION" weightage="20" keywordseo="CBI-FIR">CBI FIR</keyword>, the scam started taking shape between April and June, 2018 when Yes Bank invested Rs 3,700 crore in short-term debentures of the scam-hit Dewan Housing Finance Corporation Ltd (DHFL). In return, Wadhawan allegedly "paid kickback of Rs 600 crore" to Kapoor and family members in the form of loan to DoIT Urban Ventures (India) Pvt Ltd, they said. See also: <a href="https://www.businessinsider.in/finance/news/finance-minister-assures-employment-and-salary-at-yes-bank-at-least-for-one-year/articleshow/74514015.cms">Finance Minister assures employment and salary at Yes Bank at least for one year</a> <a href="https://www.businessinsider.in/finance/news/yes-bank-share-price-falls-10-after-rbi-limits-withdrawals/articleshow/74504094.cms">Yes Bank share price nose dives 72% after RBI limits withdrawals</a> <a href="https://www.businessinsider.in/finance/news/rbi-has-a-new-scheme-to-rescue-yes-bank-will-be-released-shortly-says-shaktikanta-das/articleshow/74506268.cms">RBI has a new 'scheme' to rescue Yes Bank — will be released shortly, says Shaktikanta Das</a>

Yes Bank scam escalates as CBI carries out searches to connect Rana Kapoor to DHFL promoter Kapil Wadhawan

By K J Bennychan Mumbai, Feb 17 () Adani Group, KKR, Bain Capital, Kotak Mahindra Bank and Piramal Enterprises are among the more than two dozen entities that have put in bids for crippled DHFL, the first financial services player undergoing insolvency process, according to two sources.The sources told that out of the interested entities, at least 14 are keen to take over the whole operations of the mortgage lender. In November, the Reserve Bank referred DHFL, the third largest pure-play mortgage lender, to the National Company Law Tribunal (NCLT) for insolvency proceedings.Prior to that, the company's board was superseded and R Subramaniakumar was appointed as the administrator. He is also the resolution professional under the Insolvency and Bankruptcy Code (IBC).The last date for submission of bids under the insolvency process was Monday.One of the sources said the company has received 24 bids, of which 14 are for the entire operations.According to the second source, the number of bidders was close to 30.While Subramaniakumar could not be reached for comments, calls made to a DHFL spokesperson remained unanswered.Bain Capital's Integral Investments South Asia VII fund, the US-based KKR Credit Advisors, Adani Properties, Welspun group's Astronomical Logistics, Blackstone arm BCP Topco VIII fund, Piramal Enterprises and Hero Fincorp, are among those that have bid for the entire operations of DHFL, the first source said.The source said Hong Kong-based Lonestar Asia Pacific Acquisition, Kotak Ivestment Advisors, Singapore-based SSG Capital Management, Varde Partners' VFSI Holdings, Aion arm Racion Revitalisation, Oaktree's India Opportunities Investment Fund and leading domestic ARC Arcil, are also looking for DHFL's full operations.As per the second source, Deutsche Bank AG, Edelweiss Financial Services, Barings' Maple II BV, Phoenix ARC, Warburg Pincus' Baywater Investment, SC Lowey Primary investments and Multiples Private Equity III, have put in their bids for part of DHFL.This list also includes Vastu Housing Finance Corporation, Asia Pragati Strategic Investment Fund, Promontoria Holding 206 BV (Cerberus), and Burlington Loan Management (Davidson Kempner), the source added.As of July 2019, the company owed Rs 83,873 crore to banks, the National Housing Board, mutual funds and bondholders.Most banks led by the State Bank have declared DHFL account as an NPA in the third quarter.DHFL was sent to bankruptcy after the government on November 15, 2019 enabled the Reserve Bank to sent large financial services companies, excluding banks, to the NCLT for insolvency proceedings. BEN RAM

You Searched For "dhfl loans" and got 6 results

This almost-defaulter saves itself by selling its loans to a foreign investor

Sanchita Dash

Fraudulent transactions of ₹6,182 crore in DHFL unearthed

IANS

DHFL fails to repay ₹50 crore on secured non-convertible debentures – blames moratorium restrictions for non-payment

IANS

DHFL creditors to meet on Monday for discussing resolution

PTI

Yes Bank scam escalates as CBI carries out searches to connect Rana Kapoor to DHFL promoter Kapil Wadhawan

PTI

KKR, Adani, Piramal, Kotak, among two dozen bid for DHFL

PTI

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