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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 Last November, the Reserve Bank of India (RBI) superseded the Board of Directors of the company and appointed an administrator and accordingly, the board powers were vested in the firm's administrator.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

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

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

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>closerAt 7:45 am, the SGX Nifty was up 0.10%, indicating a tepid start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to begin on a flat note on Thursday, led by mixed cues from the global markets. The Indian markets ended at record highs on Wednesday, with Nifty inching to the 14,000 mark. At 7:45 am, the SGX Nifty was up 0.10%, indicating a tepid start for Nifty50. On Wednesday, the <a href="https://www.businessinsider.in/stock-market/news/us-stocks-end-higher-as-600-stimulus-checks-set-to-arrive-this-week/articleshow/80037170.cms">US stocks closed higher</a> as $600 stimulus checks were set to hit the bank accounts of millions of Americans later this week, according to Treasury Secretary Steven Mnuchin. The Dow Jones Industrial Average closed 0.24% higher, and the S&amp;P 500 was up 0.13%. These are the stocks to watch out for during the trading session today: Tata Motors, Maruti, M&amp;M, Hero Motocorp, Bajaj Auto and other auto stocks Tata Motors, Maruti, M&amp;M, Hero Motocorp, Bajaj Auto and other auto stocks will be in focus during trade today. The auto companies are slated to report their <a href="https://www.businessinsider.in/business/auto/news/heres-what-to-expect-from-maruti-mm-hero-bajaj-auto-and-other-automakers-in-december-month-2020-auto-sale/articleshow/80021695.cms">monthly sales</a> for December tomorrow . Tata Steel Tata Steel CEO TV Narendran in his outlook for 2021 <a href="https://www.business-standard.com/article/companies/despite-covid-19-pandemic-tata-steel-bullish-on-fy22-demand-in-india-120123100070_1.html">said</a> the company is optimistic about demand for steel in India. And, the steel demand is expected to grow proportional to or higher than the GDP growth in FY22. Vedanta Vedanta emerged as the highest bidder for Radhikapur west coal block in Odisha. The mine has total reserves of 312 million tonnes and an approved per annum extraction capacity of 6 million tonnes. Adani Green Energy Adani Green Energy said it had commissioned a 100 megawatt (MW) solar power project at Khirasara in Gujarat. V-Mart Retail V-Mart Retail informed investors that it had opened four new stores, three in the state of Uttar Pradesh, one in the state of Jharkhand, taking its total number of stores in the country to 274. Shriram Transport Finance Shriram Transport Finance has approved and allotted senior secured rated, listed redeemable non-convertible debentures (NCD) of the face value of ₹10 lakh each on a private placement basis. Dewan Housing Finance Corporation (DHFL) Kapil Wadhawan has yet again come up with a revised proposal for acquiring Dewan Housing Finance Corporation (DHFL). In a letter to RBI, DHFL administrator R Subramaniakumar and the Committee of Creditors (CoC), the erstwhile promoter of the bankrupt NBFC said that he would make an upfront payment of ₹9,000 crore in cash and ₹31,000 crore will be paid within a period of seven years in equal annual instalments with 8.5% per annum interest. Indian Bank Indian Bank said it had raised ₹392 crore through perpetual bonds. The bank has further raised tier 1 capital funds through a private placement of Basel III compliant AT-1 perpetual bonds aggregating to ₹392 crore, the public sector bank said in a regulatory filing. Fortis Healthcare The rating agency ICRA has upgraded the long-term rating for the line of credit of Fortis Healthcare’s subsidiaries — SRL Limited and SRL Diagnostics Private Limited. SEE ALSO: <a href="https://www.businessinsider.in/politics/world/news/mitch-mcconnell-says-the-senate-will-consider-trumps-demand-for-2000-stimulus-checks-but-rejects-initial-vote/articleshow/80017236.cms" data-type="tilCustomLink">Mitch McConnell says the Senate will consider Trump's demand for $2,000 stimulus checks but rejects initial vote</a> <a href="https://www.businessinsider.in/thelife/news/american-airlines-just-completed-the-boeing-737-maxs-first-passenger-flight-in-the-us-since-march-2019/articleshow/80016117.cms" data-type="tilCustomLink">American Airlines just completed the Boeing 737 Max's first passenger flight in the US since March 2019</a> <a href="https://www.businessinsider.in/india/news/new-strain-of-uk-covid-19-virus-is-a-lot-more-contagious-warns-indias-health-ministry/articleshow/80011618.cms" data-type="tilCustomLink"></a> <a href="https://www.businessinsider.in/india/news/new-strain-of-uk-covid-19-virus-is-a-lot-more-contagious-warns-indias-health-ministry/articleshow/80011618.cms" data-type="tilCustomLink">The new strain of COVID-19 is a lot more contagious, warns India's Health Ministry</a>

Top stocks to watch — Tata Steel, Vedanta, Adani Green, Tata Motors, Maruti, M&M, DHFL, V-Mart, Indian Bank, and others

<keyword id="112947" type="General" weightage="100" keywordseo="srei" source="Orion">SREI</keyword> Equipment Finance Ltd has reported alleged fraudulent transactions amounting to Rs 13,110 crore, during the erstwhile management of the company, run by Hemant Kanoria and <keyword id="260027" type="General" weightage="50" keywordseo="sunil-kanoria" source="Orion">Sunil Kanoria</keyword>. In the unaudited financial results of the company for the quarter ending September 30, the transaction auditor has pegged the alleged value of the fraudulent transactions at Rs 13,110 crore. Before this, the company had reported fraudulent transactions of around Rs 5,100 crore, through two separate disclosures on the stock exchange. The administrator of the bankrupt company, which is going through <keyword id="6355809" type="General" weightage="80" keywordseo="nclt" source="Orion">NCLT</keyword> driven resolution process, has appointed BDO India LLP as the transaction auditor. In the latest disclosure, the company has said that the "transaction auditor has indicated that there are transactions amounting to Rs 13,110 crore which are fraudulent in nature under section 66 of the IBC, including transactions amounting to Rs 1,283 crore determined as undervalued transactions". The administrator has filed applications before the <keyword id="6354925" type="General" weightage="50" keywordseo="kolkata" source="Orion">Kolkata</keyword> bench of the NCLT for adjudication. In another disclosure, the company has informed that the Committee of Creditors has extended the last date for the submission of the resolution plan by the prospective resolution applicants to November 25, from November 15. Last week, NCLT approved the extension of the deadline for the completion of the resolution process to January 5, 2023. Insolvency-bound Srei Equipment Finance Ltd., along with its promoter Srei Infrastructure Finance, is being run by an administrator, which is looking into the day-to-today affairs of the companies since October 2021. After DHFL, SREI was the second financial services group that was referred by the <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> for an NCLT-driven resolution process, by superseding the boards of two Srei companies in October 2021. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/how-singapore-tech-layoffs-are-impacting-indians/articleshow/95503709.cms">How Singapore tech layoffs are impacting Indians</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/wholesale-inflation-eases-to-20-month-low-of-8-39/articleshow/95503880.cms">Wholesale inflation eases to 20-month low of 8.39%</a>

SREI Equipment Finance auditor reports fraudulent transactions to the tune of ₹13,110 cr

<ul><li>Debt-ridden DHFL’s promoters asked its employees to purchase its wealth management arm. </li><li>Swapnil Pawar bought out the India arm of the US-based hedge fund, which he was heading. </li><li>Employees of <keyword id="6358200" type="COMPANY" weightage="20" keywordseo="jet-airways">Jet Airways</keyword> and Reid &amp; Taylor too tried to take control of their companies. </li></ul>The tables have turned as employees of troubled companies are saving them instead of quickly jumping ship. One such rare case is that of Deewan <keyword id="100080" type="DOMAIN" weightage="20" keywordseo="housing-finance">Housing Finance</keyword> (DHFL). The debt-ridden company’s promoters asked the employees of its wealth management arm WGC Wealth <a href="https://www.business-standard.com/article/companies/more-employees-looking-to-buy-out-promoter-stake-in-companies-119062100366_1.html">to purchase it</a>. This is after a debt of ₹1.2 lakh crore mounted and its promoters are keen on selling chunks of the company. Instead of appealing to investors, the company approached its own employees for help who came through. The deal has been closed today, according to a <a href="https://www.business-standard.com/article/companies/dhfl-promoters-sell-stake-in-wealth-management-business-to-employees-119062700505_1.html">report by Business Standard</a>. Yet another financial services company employee Swapnil Pawar bought out the Indian arm of the US-based hedge fund, which he was heading. Pawar who is also the founder of Asqi Advisors, told Business Standard that they intend to set up the company as an <keyword id="138356" type="COMPANY" weightage="20" keywordseo="Asset-Management">asset management</keyword> services firm and expand it. The number of employee groups who are stepping in to save or take over their companies is rising, as is the number of troubled companies. The employees of the bankrupt clothing label Reid &amp; Taylor India too had attempted to bid for the company. However, <keyword id="6354457" type="ORGANIZATION" weightage="20" keywordseo="National-Company-Law-Tribunal">National Company Law Tribunal</keyword> which assessed their bid said that the investors backing the staff were unable to prove their net worth, <a href="https://www.business-standard.com/article/companies/more-employees-looking-to-buy-out-promoter-stake-in-companies-119062100366_1.html">according to reports</a>. The many employees of grounded airline Jet Airways too had tried to bid for the firm, which too has gone into bankruptcy. However, no deal could be reached as the heavily indebted company eventually went into liquidation. Most such deals take place in the financial services sector where employees play a large role. However, India has very few stories to tell where employees bailed their companies out. In 1987, construction major L&amp;T was once a target of a hostile takeover by Reliance Industries headed by Dhirubhai Ambani. Kumar Mangalam Birla was also one of the people who had purchased stake in the construction company, in an attempt to take over his rival in the cement business. As a response, its own employees set up a trust and purchased the shares back and gained control.

You Searched For "bankrupt dhfl" and got 8 results

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

IANS

NCLT approves Piramal Group's resolution plan for DHFL

PTI

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

IANS

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

IANS

Top stocks to watch — Tata Steel, Vedanta, Adani Green, Tata Motors, Maruti, M&M, DHFL, V-Mart, Indian Bank, and others

Navdeep Yadav

SREI Equipment Finance auditor reports fraudulent transactions to the tune of ₹13,110 cr

IANS

Some employees in India are stepping up with investments to save the company and their jobs

BI India Bureau

Watching the Sensex can be misleading-- India's mid and small cap stocks have lost ₹2.4 trillion of investor wealth this year alone

Sriram Iyer

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