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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

The <keyword id="6354457" type="COMPANY" weightage="20" keywordseo="National-Company-Law-Tribunal">National Company Law Tribunal</keyword> (NCLT) on Monday gave its approval to <keyword id="6400918" type="COMPANY" weightage="20" keywordseo="Piramal-group">Piramal Group</keyword>'s bid for bankrupt-DHFL, subject to certain conditions. The tribunal's Mumbai-bench, chaired by H P Chaturvedi and Ravikumar Duraisamy, said the approval is subject to the final judgement from the <keyword id="6396354" type="COMPANY" weightage="20" keywordseo="national-company-law-appellate-tribunal">National Company Law Appellate Tribunal</keyword> (<keyword id="6396355" type="COMPANY" weightage="20" keywordseo="nclat">NCLAT</keyword>) and the <keyword id="6354977" type="COMPANY" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword>'s judgement on Kapil Wadhawan in the matter. In its order, NCLT asked <keyword id="127124" type="COMPANY" weightage="20" keywordseo="DHFL">DHFL</keyword>'s (Dewan Housing Finance Corporation Ltd) Committee of Creditors (CoC) to consider giving more money to small fixed deposit holders under the approved resolution plan. "We are not remanding the plan back to CoC, we respect their commercial wisdom," it said. NCLT also rejected former DHFL promoter Kapil Wadhawan's plea to get access to a copy of the resolution plan. On May 25, NCLAT stayed the direction of NCLT asking the lenders of DHFL to consider the offer by Wadhawan. The appellate tribunal had also clarified that its order should not come in the way for NCLT to decide on approval for the resolution plan selected by the CoC. NCLAT's direction had come on an urgent petition moved by the <keyword id="63524" type="COMPANY" weightage="20" keywordseo="Union-Bank-of-India">Union Bank of India</keyword> on behalf of the CoC. On May 19, NCLT asked the RBI-appointed administrator of DHFL to present the settlement plan offered by Wadhawan to the CoC. In January this year, the CoC voted in favour of selling DHFL to the Piramal Group under the Insolvency and Bankruptcy Code. Last year, Wadhawan had made his settlement offer to the CoC. The offer was rejected by the creditors, citing lack of credibility and the valuations attached to the proposed asset sales. In the plan, Wadhawan had proposed to repay lenders by selling assets. In November 2019, <keyword id="30067" type="COMPANY" weightage="20" keywordseo="RBI">RBI</keyword> had referred DHFL -- then the third-largest pure-play mortgage lender -- for resolution under the Code. DHFL had gone bankrupt with more than ₹90,000 crore in debt to various lenders, including banks, mutual funds and individual investors who kept fixed deposits with the company. SEE ALSO: <a href="https://www.businessinsider.in/india/news/heres-why-fuel-prices-in-india-may-not-come-down-in-a-big-way/slidelist/83299743.cms">Here’s why fuel prices in India may not come down in a big way ⁠— at least not this year</a>

NCLT approves Piramal Group's resolution plan for DHFL

Mumbai, The <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) has approved the takeover of <keyword id="533676" type="DOMAIN" weightage="20" keywordseo="Dewan-Housing-Finance-Corporation-Ltd">Dewan Housing Finance Corporation Ltd</keyword> (<keyword id="127124" type="COMPANY" weightage="20" keywordseo="DHFL">DHFL</keyword>) by <keyword id="100407" type="DOMAIN" weightage="20" keywordseo="Piramal">Piramal</keyword> Group. The development comes just a month after the Committee of Creditors (CoC) of DHFL voted in favour of Piramal's bid with 94 per cent votes and approved its resolution plan. "We understand that the RBI has approved the DHFL resolution plan from Piramal Capital and Housing Finance, submitted by the CoC," said a statement by Piramal Group. Now, the proposed takeover requires the approval of the National Company Law Tribunal. The other major contender for the debt-ridden NBFC was US-based <keyword id="216100" type="COMPANY" weightage="20" keywordseo="Oaktree-Capital">Oaktree Capital</keyword> which secured around 45 per cent of the votes from the lenders in the voting process last month. The total offer of Piramal was ₹37,250 crore, compared to ₹38,400 crore offered by Oaktree. However, Piramal had offered higher upfront cash payment. The total dues of DHFL stand at around ₹90,000 crore. Piramal, in its bid, has offered an additional amount in the resolution process to fixed deposit holders, over and above what the CoC offers them through the IBC resolution. SEE ALSO: <a href="https://www.businessinsider.in/india/news/india-issues-new-guidelines-for-passengers-arriving-from-the-uk-brazil-europe-and-middle-east-countries/articleshow/81083248.cms">India issues new guidelines for passengers arriving from the UK, Brazil, Europe and Middle-East countries</a> <a href="https://www.businessinsider.in/business/startups/news/not-just-a-tiktok-clone-says-chingari-app-founder-with-their-latest-shop-within-videos-feature-which-he-claims-is-the-next-big-thing-in-social-commerce/articleshow/81084432.cms">‘Not just a TikTok clone,’ says Chingari founder with their latest shop within videos feature which he claims is the next big thing in social commerce</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-f62-review-the-new-mid-range-killer/articleshow/81084382.cms">Samsung Galaxy F62 review – the new mid-range killer</a> <a href="https://www.businessinsider.in/business/corporates/news/cairn-energy-ceo-meets-indian-finance-secretary-as-shareholders-impatiently-wait-for-action-on-the-1-4-billion-tax-dispute/articleshow/81087952.cms">Cairn Energy CEO meets Indian finance secretary as shareholders impatiently wait for action on the $1.4 billion tax dispute</a>

RBI approves takeover of DHFL by Piramal Group

<ul><li>RBI superseded the board of <keyword id="487262" type="DOMAIN" weightage="20" keywordseo="Dewan-Housing-Finance-Corporation">Dewan Housing Finance Corporation</keyword> (DHFL). </li><li>The Central Bank was concerned with governance concerns and defaults on various debt instruments. </li><li>It appointed R Subramaniakumar, the former managing director of <keyword id="107781" type="COMPANY" weightage="20" keywordseo="Indian-Overseas-Bank">Indian Overseas Bank</keyword> as the administrator. </li></ul> The Reserve Bank on Wednesday superseded the board of the troubled Dewan Housing Finance Corporation (DHFL) due to governance concerns and defaults on various debt instruments. The central bank has also appointed R Subramaniakumar, the ex-managing director of Indian Overseas Bank as the administrator of the third largest pureplay mortgage lender. The announcement comes after the government last week empowered the RBI to refer stressed NBFCs and HFCs having assets worth of at least Rs 500 crore to insolvency court. "The Reserve Bank has today superseded the board of DHFL owing to governance concerns and defaults by DHFL in meeting various payment obligations," RBI said in a statement. It further said shortly initiate the process of resolution of the company under the bankruptcy code, 2019 and would also apply to the NCLT for appointing the administrator as the resolution professional.

Wadhawans lose control of DHFL after RBI dissolves the board after multiple defaults

<ul><li>One of <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>’s biggest housing finance companies <keyword id="487262" type="DOMAIN" weightage="20" keywordseo="Dewan-Housing-Finance-Corporation">Dewan Housing Finance Corporation</keyword> Ltd’ management has announced that the company may not survive the grim financial situations. </li><li>DHFL stock crashed 9.93% in early trade to ₹61 after the company management itself raised doubts in its ability to survive. </li><li>DHFL debt stands at a hovering ₹ 1.2 lakh crore.</li></ul>DHFL stock crashed 9.93% in early trade to ₹61 after the company management itself raised doubts in its ability to survive. “The Company's ability to raise funds has been substantially impaired and the business has been brought to a standstill with there being minimal/virtually no disbursements. These developments may raise a significant doubt on the ability of the Company to continue as a going concern,” Chairman and Managing Director Kapil Wadhwan said on Saturday July 13, as a part of quarterly results announcement. DHFL’s results itself will bring no comfort as it is expectedly in the red, with a net loss of ₹2,223 crore as compared to a profit of ₹134 crore in the same quarter last year. The stock also touched a lower circuit, which is a new low, in today’s trade. The housing finance company has been under financial stress as it saddles heavy debt of ₹ 1.2 lakh crore. It also faced downgrades by credit rating agencies CRISIL, ICRA and CARE after they raised doubts on its ability to repay it. In the meanwhile, the management is trying to sell chunks of the company to stay afloat. “The Company is taking active steps to monetize its assets and is in discussions with multiple Indian banks and international financial institutions to sell off its retail as well as wholesale portfolio,” said Wadhawan. DHFL also said that it is in discussions with the consortium of bankers to restructure its borrowings and will take all the necessary steps to ensure that it meets its financial commitments. “There have been discussions for stake sale by the promoters to a strategic partner with further equity infusion,” the company said.

DHFL stock crashes 9.93% in early trade after management raised doubts on its ability to survive

<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

Mumbai, Feb 12 () Former directors of Dewan Housing Finance Corporation Ltd on Wednesday filed an application in the National Company Law Tribunal seeking participation in the committee of creditors' (CoC) meetings. The DHFL former directors were denied participation in the CoC meetings as its board was superseded by the Reserve Bank of India (RBI) in November 2019. The participation in the CoC meetings cannot be allowed as the insolvency process was initiated by the RBI, the counsel representing the administrator said. The tribunal directed the administrator to file a reply in this regard before February 19. Meanwhile, last week, the Uttar Pradesh Power Corporation Contributory Provident Fund Trust had moved NCLT to recover dues from DHFL. The trust, which manages the power corporation's provident fund, claimed that the non-bank lender owes it more than Rs 148 crore that it invested in DHFL's fixed deposits. Further, the counsel representing the trust told the Mumbai bench of NCLT that they have filed claims with the CoC to DHFL. NCLT directed the administrator two weeks' time to file a reply after the CoC meeting. DHFL became the first financial services company to be referred to the NCLT under new rules notified by the government on November 15, 2019. In December 2019, NCLT had admitted the Reserve Bank of India's petition to initiate insolvency proceedings against the financial services company. The tribunal also appointed R Subramaniakumar, the RBI-appointed administrator, as the resolution professional for the insolvency process of DHFL. SM HRS

DHFL's former directors move NCLT seeking participation in CoC meetings

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" and got 8 results

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

PTI

NCLT approves Piramal Group's resolution plan for DHFL

PTI

RBI approves takeover of DHFL by Piramal Group

IANS

Wadhawans lose control of DHFL after RBI dissolves the board after multiple defaults

PTI

DHFL stock crashes 9.93% in early trade after management raised doubts on its ability to survive

BI India Bureau

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

Sanchita Dash

DHFL's former directors move NCLT seeking participation in CoC meetings

PTI

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

PTI

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