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The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords">Reserve Bank of India</keyword> has imposed <keyword id="21834852" type="General" weightage="20" keywordseo="monetary-penalties" source="keywords">monetary penalties</keyword> on three Non-Banking Financial Companies for <keyword id="20170050" type="General" weightage="20" keywordseo="non-compliance" source="keywords">non-compliance</keyword> with directions of <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> on <keyword id="20200326" type="General" weightage="100" keywordseo="housing-finance-companies" source="keywords">housing finance companies</keyword>. As per the official statement from RBI on Friday, it has imposed a monetary <keyword id="19899183" type="General" weightage="20" keywordseo="penalty" source="keywords">penalty</keyword> of Rs 5 lakh on <keyword id="23068625" type="General" weightage="20" keywordseo="Godrej-Housing-Finance" source="keywords">Godrej Housing Finance</keyword> Limited, Rs 5 lakh on <keyword id="20389260" type="General" weightage="20" keywordseo="Aadhar-Housing-Finance" source="keywords">Aadhar Housing Finance</keyword> Limited, and Rs 3.5 lakh on Housing and Urban Development Corporation Limited. These penalties by the regulator have been imposed in the exercise of powers conferred on RBI under the provisions of Section 52A of the <keyword id="20200606" type="General" weightage="20" keywordseo="National-Housing-Bank" source="keywords">National Housing Bank</keyword> Act, 1987. As per RBI, the statutory inspection of these companies was conducted by the National Housing Bank (NHB) with reference to their financial positions as of March 31, 2022. The RBI stated that based on the supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the companies advising them to show cause as to why a penalty should not be imposed on them for their failure to comply with the RBI directions. After considering the companies' replies to the notice, oral submissions during the personal hearing, and additional submissions made by them, the RBI found that Godrej Housing Finance Limited failed to obtain two independent valuation reports before sanctioning certain loans of Rs 75 lakh and above. For Aadhar Housing Finance Limited, the RBI stated that the company charged interest on loans for a period prior to the date of the actual disbursement of the loan/issuance of the check to certain borrowers, in contravention of RBI directions on the 'Fair Practices Code.' The penalty on Housing and Urban Development Corporation Limited has been imposed because the company failed to undertake risk categorization of its customers during the financial year 2021-22, did not put in place a system for periodic review of risk categorization of accounts, and did not create a floating charge on the assets invested by it in terms of Section 29B of the NHB Act, in favor of its depositors, and register the same with the Registrar of Companies.

RBI imposes penalties on three housing finance companies for non-compliance with directions

The <keyword id="35140" type="COMPANY" weightage="20" keywordseo="BSE">BSE</keyword> and <keyword id="6354646" type="COMPANY" weightage="20" keywordseo="nse">NSE</keyword> have decided to suspend trading in the <keyword id="30335" type="ORGANIZATION" weightage="20" keywordseo="Shares">shares</keyword> of <keyword id="533676" type="COMPANY" weightage="20" keywordseo="Dewan-Housing-Finance-Corporation-Ltd">Dewan Housing Finance Corporation Ltd</keyword> (<keyword id="127124" type="CITY" weightage="20" keywordseo="DHFL">DHFL</keyword>) from Monday. The development follows the approval of the resolution plan of Piramal Capital &amp; Housing Finance Ltd to acquire the bankrupt company. Delisting of the shares has been done as part of the resolution plan of the <keyword id="6397591" type="COMPANY" weightage="20" keywordseo="piramal-enterprises">Piramal Enterprises</keyword>' subsidiary. "In pursuance of Regulation 3.1.2 of the <keyword id="53581" type="COMPANY" weightage="20" keywordseo="NATIONAL-STOCK-EXCHANGE">National Stock Exchange</keyword> (Capital Market) Trading Regulations Part A, and for reasons mentioned above it is hereby notified that the following security will be suspended from trading w.e.f. June 14, 2021 (i.e. closing hours of trading on June 11, 2021)," said an NSE circular. It noted that the company through announcement dated June 9, 2021, stated that no value was attributable to the equity shares as per the liquidation value of the company estimated by registered valuers appointed under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. On June 7, the <keyword id="6358070" type="LOCATION" weightage="20" keywordseo="mumbai">Mumbai</keyword> bench of NCLT approved the resolution plan of Piramal Capital &amp; Housing Finance Ltd for DHFL. Piramal Capital &amp; Housing Finance Ltd is a wholly owned subsidiary of Piramal Enterprises. The approval came after the National Company Law Appellate Tribunal (NCLAT) on May 25 stayed the NCLT order directing DHFL's Committee of Creditors (CoC) to consider the settlement of its former promoter Kapil Wadhawan. On Friday, shares of DHFL on the BSE closed at Rs 16.70, lower by 9.97 per cent from its previous close. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/battlegrounds-mobile-india-launch-teased-expected-to-be-released-on-june-18/articleshow/83426239.cms">Battlegrounds Mobile India launch teased, expected to be released on June 18</a> <a href="https://www.businessinsider.in/tech/news/android-12-beta-breaks-records-googles-most-downloaded-beta-version-ever/articleshow/83425692.cms">Android 12 beta breaks records — Google’s most downloaded beta version ever</a>

BSE and NSE suspend trading in shares of Dewan Housing Finance Corporation Ltd (DHFL) from Monday

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

New Delhi, <keyword id="6400918" type="COMPANY" weightage="20" keywordseo="Piramal-group">Piramal Group</keyword> has won the bid to take over <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>), sources said. <keyword id="100407" type="DOMAIN" weightage="20" keywordseo="Piramal">Piramal</keyword> received 94% of the votes from the <keyword id="4911816" type="COMPANY" weightage="20" keywordseo="Committee-of-Creditors">Committee of Creditors</keyword> (CoC), said people in the know. The minimum requirement for winning a bid is 66% votes. The other major contender, US-based <keyword id="216100" type="COMPANY" weightage="20" keywordseo="Oaktree-Capital">Oaktree Capital</keyword> secured around 45% of the votes. The total offer of Piramal was ₹37,250 crore, compared to ₹38,400 crore offered by Oaktree. However, Piramal had offered a higher upfront cash payment. The total dues of DHFL stands 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. The Adani Group also had initially shown interest in the bankrupt NBFC. Amid the tussle to takeover the NBFC, Piramal had said in a statement last week: "We have full faith that the Committee of Creditors, comprising some of the most reputed financial institutions of our country, will make the fair and just choice in the voting process." It said that its bid for DHFL offers the lenders the highest upfront cash recovery, has the highest score on the evaluation matrix, is fully compliant with all regulatory norms, and is fully and immediately implementable. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-clocks-in-nearly-27-jump-in-profit-crosses-the-10-billion-revenue-in-third-quarter-of-year-2020-21/articleshow/80278852.cms">HCL Tech clocks in nearly 27% jump in profit, crosses the $10 billion revenue milestone with one more quarter left</a> <a href="https://www.businessinsider.in/india/news/india-will-begin-its-covid-19-vaccination-drive-tomorrow-heres-everything-you-need-to-know/articleshow/80281740.cms">India will begin its COVID-19 vaccination drive tomorrow — here’s a look at how the world’s largest vaccine rollout is set to take place</a> <a href="https://www.businessinsider.in/education/news/here-are-the-top-courses-in-fintech-offered-by-indias-premier-colleges/articleshow/80286668.cms">From IIMs to BITS Pilani — here are the top courses in fintech offered by India’s premier colleges</a>

Piramal wins the race to acquire DHFL — lenders approve ₹37,250 crore bid

<ul><li><keyword id="9356171" type="UNKNOWN" weightage="20" keywordseo="private-sector-lender-karnataka-bank">Private sector lender Karnataka Bank</keyword> has reported to the RBI that it has been defrauded of over Rs 285 crore consequent to loans gone bad to four entities including DHFL.</li><li>A total of Rs 285.52 crore has been reported as fraud wherein the bank was one of the consortium lenders during 2009 to 2014 to <keyword id="533676" type="DOMAIN" weightage="20" keywordseo="Dewan-Housing-Finance-Corporation-Ltd">Dewan Housing Finance Corporation Ltd</keyword> (DHFL), Religare Finvest, <keyword id="9356169" type="COMPANY" weightage="20" keywordseo="fedders-electric-and-engineering-ltd">Fedders Electric and Engineering Ltd</keyword> and Leel Electricals Ltd, <keyword id="66845" type="COMPANY" weightage="20" keywordseo="Karnataka-Bank">Karnataka Bank</keyword> said in a regulatory filing.</li><li><keyword id="9356168" type="COMPANY" weightage="20" keywordseo="fedders-electric-and-engineering-limited">Fedders Electric and Engineering Limited</keyword> was reported as NPA in July 2018 by a member bank in consortium, subsequent to which Karnataka Bank reported fraud of Rs 41.30 crore on account of fund diversion.</li></ul>Private sector lender Karnataka Bank has reported to the RBI that it has been defrauded of over Rs 285 crore consequent to loans gone bad to four entities including DHFL. A total of Rs 285.52 crore has been reported as fraud wherein the bank was one of the consortium lenders during 2009 to 2014 to Dewan Housing Finance Corporation Ltd (DHFL), Religare Finvest, Fedders Electric and Engineering Ltd and Leel Electricals Ltd, Karnataka Bank said in a regulatory filing on Friday. The maximum is owed by DHFL at Rs 180.13 crore, followed by Religare Finvest Rs 43.44 crore, Fedders Electric Rs 41.30 crore and Leel Electricals Rs 20.65 crore. "DHFL (defaulted entity) dealing with us since 2014 had availed various credit facilities under consortium arrangement wherein, we were one of the member banks. In view of Early Warning Signals (EWS) in the conduct of the account and other developments, the account was red flagged on November 11, 2019. "The borrowing account was classified as Non-Performing Asset on October 30, 2019 and now, for misappropriation &amp; criminal breach of trust &amp; diversion of funds in the credit facilities extended earlier to the company, a fraud amounting Rs 180.13 crore has been reported to RBI," Karnataka Bank said. Likewise, Religare Finvest Ltd (RFL) was dealing with the bank since 2014, availing various credit facilities. Following classification of this account as non-performing in October 2019 by a consortium member, Karnataka Bank reported to RBI a fraud amounting to Rs 43.44 crore in the credit facilities extended earlier, on account of diversion of funds. Leel Electricals was classified as NPA account in March 2019 and it reported to RBI a fraud amounting to Rs 20.65 crore in the credit facilities to the company on account of diversion of funds. "In all the referred three non-performing accounts, necessary provisions have been made in full to be spread across four quarters," it said. Fedders Electric and Engineering Limited was reported as NPA in July 2018 by a member bank in consortium, subsequent to which Karnataka Bank reported fraud of Rs 41.30 crore on account of fund diversion. The account has already been fully provided for, it added. KPM ABM ABM

Karnataka Bank reports ₹285 crore fraud in four loan accounts

New Delhi, Feb 18 () Shares of <keyword id="533676" type="DOMAIN" weightage="20" keywordseo="Dewan-Housing-Finance-Corporation-Ltd">Dewan Housing Finance Corporation Ltd</keyword> on Tuesday shot up 5 per cent to hit upper price band after more than two dozen entities put in bids to takeover the debt-laden firm.The stock zoomed 4.97 per cent to Rs 10.34 apiece on the BSE. On the NSE, the stock rose 4.59 per cent to Rs 10.25 a unit. Its shares hit the upper price band on both the stock exchanges. <keyword id="6367820" type="COMPANY" weightage="20" keywordseo="adani-group">Adani Group</keyword>, KKR, <keyword id="6581358" type="COMPANY" weightage="20" keywordseo="Bain-Capital">Bain Capital</keyword>, Kotak Mahindra Bank and Piramal Enterprises are among the more than two dozen entities that have put in bids for crippled <keyword id="127124" type="PERSON" weightage="20" keywordseo="DHFL">DHFL</keyword>, the first financial services player undergoing insolvency <keyword id="50472" type="ORGANIZATION" weightage="20" keywordseo="process">process</keyword>, 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.

DHFL stock zooms to upper circuit as buyers like Pirmal and Adani line up to acquire it

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>

You Searched For "Dewan Housing Finance Corporation Ltd" and got 7 results

RBI imposes penalties on three housing finance companies for non-compliance with directions

ANI

BSE and NSE suspend trading in shares of Dewan Housing Finance Corporation Ltd (DHFL) from Monday

IANS

RBI approves takeover of DHFL by Piramal Group

IANS

Piramal wins the race to acquire DHFL — lenders approve ₹37,250 crore bid

IANS

Karnataka Bank reports ₹285 crore fraud in four loan accounts

PTI

DHFL stock zooms to upper circuit as buyers like Pirmal and Adani line up to acquire it

PTI

Fraudulent transactions of ₹6,182 crore in DHFL unearthed

IANS

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