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<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RBI superseded the board of 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 The Reserve Bank on Wednesday superseded the board of the troubled Dewan Housing Finance Corporation (DHFL) due to governance concerns and defaults on various debt instruments.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 "The Reserve Bank has today superseded the board of DHFL owing to governance concerns and defaults by DHFL in meeting various payment obligations," RBI said in a statement.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

New Delhi, Jan 23 () Debt-ridden housing finance firm DHFL on Thursday has reported a consolidated net loss of Rs 6,640.62 crore for the quarter ended September 30, 2019.
 It had posted consolidated net profit of Rs 439.51 crore in the year-ago period, Dewan Housing Finance Corporation (DHFL) said in a filing to BSE.
 The company said that the net loss/profit after tax was "fully attributable to the owners of the parent".
 The consolidated total revenue from operations of DHFL in July-September period dropped to Rs 2,106.71 crore over Rs 3,483.32 crore in the year-ago period.
 Pursuant to an order dated December 3, 2019 of the National Company Law Tribunal, Mumbai Bench, Corporate Insolvency Resolution Process has been initiated against the company as per the provisions of the Insolvency and Bankruptcy Code, 2016.
 The shares of Dewan Housing Finance Corporation were trading at Rs 16.20 a piece on BSE in morning trade, down 0.92 per cent from the previous close. SID ANS
ANS

DHFL posts net loss of Rs 6,641 cr in Jul-Sep period

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

<ul><li>The Enforcement Directorate today arrested <keyword id="152129" type="COMPANY" weightage="20" keywordseo="Kapil-Wadhawan">Kapil Wadhawan</keyword> the promoter of Dewan Housing Finance Ltd for reportedly diverting over ₹2,100 crore. </li><li>But this isn’t the first case to blow the Wadhawan, who were once the limelight of all the glittery Bollywood parties in Mumbai. </li><li>It was all smooth sailing until it came to light that Punjab Maharashtra Cooperative (PMC) Bank had lent a lot of money to the Wadhawans and it wasn’t coming back to bank. </li></ul>The Enforcement Directorate today arrested Kapil Wadhawan the promoter of Dewan Housing <a href="https://www.livemint.com/news/india/ed-arrests-dhfl-s-kapil-wadhawan-in-iqbal-mirchi-money-laundering-case-11580126559311.html">Finance Ltd for reportedly diverting over ₹2,100 crore.</a> Wadhawan will be in custody until January 29 and will have to undergo legal proceeding under the Prevention of Money Laundering Act. (PMLA). But this isn’t the first case to blow the Wadhawan, who were once the limelight of all the glittery Bollywood parties in Mumbai. Here’s a look at Wadhawan Empire and its fall: The Wadhawan Empire <div type="image" title="30F4080F-C360-440F-A7B5-ED4FAEB954C2" msid="73713311" hostid="261"></div>

 From the biggest fleet of Rolls Royce Phantoms in India to the <a href="https://www.businesstoday.in/current/corporate/pmc-bank-scam-cash-private-jets-rolls-royce-bentley-recovered-wadhawans-waryam-singh/story/383870.html">luxury business jet Falcon 2000,</a> the high-flying Wadhawans owned the most fabulous machines the world of hijinks has ever seen. [embed image of Rolls Royce Phantom] Rakesh Wadhawan — the billionaire promoter of DHIL — was once worth<a href="https://timesofindia.indiatimes.com/business/india-business/rise-and-fall-of-wadhawans-once-toast-of-city-party-circuit/articleshow/71430451.cms"> ₹1 billion in 2010. </a>Sarang Dewan — son of Rakesh Wadhawan and VC/MD of Housing Development &amp; Infrastructure— along with his wife Anu used to <a href="https://theprint.in/opinion/parties-over-no-lunches-why-bollywood-is-avoiding-hdil-gilded-couple-sunny-and-anu-dewan/311717/">host posh bollywood parties</a> from Karva Chauth to Christmas. It was all smooth sailing until it came to light that Punjab Maharashtra Cooperative (PMC) Bank had lent a lot of money to the Wadhawans and it wasn’t coming back to bank. PMC Bank: A billion-dollar hole in the banking system <div type="image" title="BF576ACB-EF02-4CE7-ABA5-CC5C573E0AA2" msid="73713310" hostid="261"></div>

 The crisis-ridden bank's annual report for 2018-19 nowhere mentions exposure to any real estate firm and it only talks of MSME lending and NPAs at 3.76%. Two directors — Rakesh and Sarang Wadhawan — of HDIL that set off the massive crisis at the PMC Bank by defaulting on loans worth nearly ₹6,500 crore have been arrested. They were arrested by the Economic Offences Wing of the Mumbai Police. According to the complaint, HDIL and its group companies were the beneficiaries of 44 loans or 73% of PMC's total loan book size of ₹8,880 crore - a mammoth violation of regulations which forbid banks from handing out such a large proportion of cash to one sector, let alone a single firm. The <keyword id="366872" type="PERSON" weightage="20" keywordseo="Iqbal-Mirchi">Iqbal Mirchi</keyword> case: A fraud of ₹2186 crore <div type="image" title="CE1A3028-D4C1-46B2-B3AA-0E45E0BC55D3" msid="73713304" hostid="261"></div>

 The <a href="https://www.livemint.com/news/india/ed-arrests-dhfl-s-kapil-wadhawan-in-iqbal-mirchi-money-laundering-case-11580126559311.html">agency has filed a criminal case</a> against Mirchi, his family members and others to probe money laundering charges for alleged illegal dealings in purchase and sale of five properties — Ceejay House, Sahil Bungalow, Rabia Mansion, Marium Lodge and Sea View at prime Worli locations in Mumbai. "Kapil Wadhawan, being chairman and managing director of Dewan Housing Finance Ltd (DHFL), had visited London along with a city-based real estate broker to meet Iqbal Mirchi in 2010. He has been instrumental in siphoning off huge amounts of money as part of the illegal deal between Mirchi and the Wadhawans," the ED said in its remand note.(hyperlink) According to<a href="https://www.firstpost.com/business/dhfl-chief-kapil-wadhawan-siphoned-off-over-rs-2100-cr-from-hfc-to-5-shell-companies-flouting-norms-ed-7966201.html"> media reports</a>, Kapil Wadhawan reportedly purchased shares in five shell companies — Faith Realtors Private Limited, Marvel Township Private Limited, Able Realty Private Limited, Poseidon Realty Private Limited, and Random Realtors Private Limited — to give away over ₹2,100 crore loan from DHFL. ED is said to believe that Wadhawan loans siphoned funds from DHFL to shell companies who later gave loan to <keyword id="8230719" type="UNKNOWN" weightage="20" keywordseo="sunblink">Sunblink</keyword> Real Estate which was linked with Iqbal Mirchi — a dead drug lord and the brother of fugitive gangster <keyword id="4703704" type="PERSON" weightage="20" keywordseo="Dawood-Abrahim">Dawood Abrahim</keyword>. (With Agencies) See also: <a href="https://www.businessinsider.in/stock-market/markets/article/rakesh-jhunjhunwala-warren-buffett-of-india-net-worth-and-portfolio-in-january-2020/articleshow/73693467.cms">The $2.6-billion Rakesh Jhunjhunwala, called the ‘Warren Buffett of India’, has to protect an image that was built over 35 long years</a>

With Kapil Wadhawan’s arrest, the family is now accused of scams worth over a billion dollars

New Delhi, <keyword id="1065178" type="COMPANY" weightage="20" keywordseo="Oaktree">Oaktree</keyword> has told the <keyword id="4911816" type="COMPANY" weightage="20" keywordseo="Committee-of-Creditors">Committee of Creditors</keyword> (CoC) of <keyword id="6423706" type="DOMAIN" weightage="20" keywordseo="dewan-housing-finance">Dewan Housing Finance</keyword> Ltd (<keyword id="127124" type="COMPANY" weightage="20" keywordseo="DHFL">DHFL</keyword>) that there has been a "persistent campaign to discredit and misrepresent its <keyword id="5004374" type="PERSON" weightage="20" keywordseo="resolution-plan">resolution plan</keyword>". In a letter to the CoC, the India Opportunities Fund, Singapore, which has put in the bid noted that this campaign is introducing bias into the decision making process. Oaktree said the CoC is not considering ₹2,700 crore provided under its resolution plan. It added that Oaktree is offering a much higher fair market value by more than ₹4,503 crore compared to the second highest bidder. Noting that its bid offered a clean structure for the shareholders without any conditions, it said that the bid by the second highest bidder is conditional. Oaktree has demanded the CoC reject the proposal by the other bidder "dressed as implementation steps". Oaktree has committed to infuse equity and debt and turn around the operations of DHFL entity on a standalone, going concern basis. In contrast, the other bidder seeks to merge the entity into its housing finance business. "The contagion risk of the indebtedness to the financial instruments held by the financial creditors is significant," it said. It said that the other bid is "a bad deal for creditors as cash flows generated by DHFL entity will be used to service external and unrelated debt of the wholesale business after the merger". "The financial creditors emerging from one resolution process then be exposed to another indebted company and ultimately the risk of a second resolution process will be a failure of <keyword id="192838" type="COMPANY" weightage="20" keywordseo="IBC">IBC</keyword> and CIRP," Oaktree said. Oaktree said its intention was never to address the second highest bidder's plan. However, it said the CoC did not provide clarifications to it on subordinated debt, and its proposal to offer another ₹1,700 crore in additional interest income was ignored while the other bidder was given the opportunity. Its ₹1,000 crore value prescribed to Pramerica is not being considered, Oaktree said. Oaktree said the burden of responsibility is placed on CoC as a guardian of public money and its duty to vote for the highest bidder is unambiguous. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-tcs-ril-maruti-airtel-godrej-properties-oberoi-realty-sobha-and-others/articleshow/80145182.cms">Top stocks to watch — TCS, RIL, Maruti, Airtel, Godrej Properties, Oberoi Realty, Sobha, and others</a> <a href="https://www.businessinsider.in/business/auto/news/ducati-is-launching-12-new-bikes-in-india-in-2021-check-the-launch-dates-here/articleshow/80146997.cms">From Scrambler and Multistrada to Monster and SuperSport — Ducati is launching 12 new bikes in India, check the launch dates here</a> <a href="https://www.businessinsider.in/india/news/petrol-has-reached-an-all-time-high-in-delhi-after-a-hike-of-23-paise/articleshow/80146505.cms">Petrol price is now past ₹84 in Delhi, over 62% of it is taxes</a>

DHFL resolution: Oaktree cries foul, says persistent campaign to discredit its bid

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 does not regulate housing finance companies but many banks have significant exposure to them. </li><li>RBI is closely monitoring activity and performance of NBFCs. </li><li>RBI governor Shaktikanta Das said there will also be no ‘delay’ when it comes to taking steps. </li></ul>The Reserve Bank of India (RBI) governor Shaktikanta Das today said that the central bank could step in to address the ongoing crisis of non-banking financial institutions. “We (RBI) will not hesitate to take steps to ensure the financial stability is not adversely affected. If some action is required, we will take it,” said Das after multiple reporters quizzed him at the press conference, following the bi-monthly policy announcement on Thursday. Yesterday, ratings agency ICRA downgraded Dewan Housing Finance (DHFL)’s rating on the ₹850-crore (₹ 8.5 billion) commercial paper to D. This latest development comes even as banks are still reeling after IL&amp;FS turned insolvent last year, defaulting on its payments to banks. In this regard, RBI has initiated a special audit, last September. ‘Closely monitoring’ Das however said that while RBI does not regulate housing finance companies but many Indian banks have significant exposure to them. “We are closely monitoring activity and performance of NBFCs. These entities are resorting to various measures to meet their liabilities and commitments,” he said. There will also be no ‘delay’ when it comes to taking steps, Das assured while pointing out that already the monitoring period for NBFCs has truncated from 18 months earlier to 12 months, currently. DHFL enters the default zone Das’s comments are significant as Dewan Housing Finance (DHFL) is entering the ‘default zone’. ICRA downgraded the rating its commercial paper to D, which is the rating given to either defaulted entities or those expected to default soon. It was also removed from watch with negative implications. “The rating revision factors in further deterioration in the company’s liquidity profile and delays in meeting scheduled debt obligation on June 04, 2019. While the mentioned debt is not rated by ICRA, given the stretched liquidity profile and limited visibility on fresh funding, company is unlikely to be able to service its debt obligation with regard to commercial paper programme in a timely manner,” the rating agency said. This will be the second large NBFC to get into crisis mode, in the last one year. The troubles in the sector came to the fore when Infrastructure Leasing and Financial Services (IL&amp;FS)<a href="https://www.businessinsider.in/lic-officials-under-investigation-by-sfio-for-role-in-ilfs-crisis/articleshow/69263029.cms"> turned insolvent and</a> defaulted on debt obligations, sinking many banks who are its lenders, deep into crisis. SEE ALSO <a href="https://www.businessinsider.in/anil-ambani-wants-the-government-to-help-nbfcs/articleshow/69531897.cms">Anil Ambani wants RBI to play Big Brother to ‘gasping’ NBFCs</a> <a href="https://www.businessinsider.in/indusind-bank-bad-loan-impact-from-ilfs-crisis/articleshow/69557477.cms">An Indian bank is still making the same mistake of hiding the worst and hoping for the best</a>

India’s central bank is on high alert amid fears of a ₹8.5 billion default by housing finance major

<ul><li>The government is considering the Reserve Bank of India for regulatory job for <keyword id="1187157" type="PERSON" weightage="20" keywordseo="non-banking-financial-institutions">Non-banking financial institutions</keyword>, amid rising crisis. </li><li>Presently, the National Housing Board (NHB) regulates the non-housing financial institutions with an RBI executive director as a board member. </li></ul> The Finance Minister empowered the RBI to regulate <keyword id="100080" type="DOMAIN" weightage="20" keywordseo="housing-finance">housing finance</keyword> companies, in her Budget speech today. "The National Housing Bank (NHB), besides being the refinancer and lender, is also regulator of the housing finance sector. This gives a somewhat conflicting and difficult mandate to NHB. I am proposing to return the regulation authority over the housing finance sector from NHB to RBI. Necessary proposals have been placed in the Finance Bill," she said. In addition, Sitharaman also gave more teeth to the RBI to regulate non-banking finance companies (NBFCs). And, these measures will be taken up in the Finance Bill. "Further, RBI is the regulator for NBFCs. However, RBI has limited regulatory authority over them. Appropriate proposals for strengthening the regulatory authority of RBI over NBFCs are being placed in the Finance Bill," said the FM. This move comes after <keyword id="6359111" type="UNKNOWN" weightage="20" keywordseo="Shaktikanta-Das">Shaktikanta Das</keyword>, the Governor of the Reserve Bank of India, in a press meeting last month <a href="https://www.businessinsider.in/dhfl-crisis-rbi-governor-shaktikanta-das-on-high-alert/articleshow/69674581.cms">said</a> that the central bank could step in to address the ongoing crisis in the non-banking financial institutions. “We will not hesitate to take steps to ensure the financial stability is not adversely affected,” the governor said, adding that if some action is required, it will be taken. Das has then said that while housing finance companies do come under RBI’s purview, they are concerned as they have been affecting the financial health of banks, which they regulate. Last month, one of country’s largest housing finance companies <keyword id="6423706" type="DOMAIN" weightage="20" keywordseo="dewan-housing-finance">Dewan Housing Finance</keyword> Limited (DHFL) entered the red zone as it is as <keyword id="6354972" type="DOMAIN" weightage="20" keywordseo="icra">ICRA</keyword> downgraded its debt further to the default zone. It has piled up as much as ₹ 380 billion in debt, and its lenders are considering <a href="https://www.livemint.com/companies/news/lenders-to-sign-inter-creditor-agreement-by-5-july-to-resolve-stress-in-dhfl-1561998176253.html">re-casting the loan</a>. The housing finance sector is under stress as very few of them are disbursing loans, and many face their own financial problems. There are 82 HFCs in India, but more than 90 per cent of the housing finance market is controlled by top five companies. SEE ALSO: <a href="https://www.businessinsider.in/dhfl-crisis-rbi-governor-shaktikanta-das-on-high-alert/articleshow/69674581.cms">India’s central bank is on high alert amid fears of a ₹8.5 billion default by housing finance major</a>

Budget 2019: RBI will regulate housing finance companies, tighten hold on NBFCs

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

<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

<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

Mumbai, Feb 6 () The National Company Law Tribunal (NCLT) on Thursday allowed Indiabulls to recover its dues originating from loans assigned to it by Dewan Housing Finance (DHFL), saying these transactions were completed before the moratorium kicked in.The counsel representing Indiabulls said the diversified finance company wants to recover dues against loans assigned to it by DHFL as the assignment was done prior to the imposition of the moratorium.The insolvency regulations specifically excludes third party assets held by a corporate debtor, he added.DHFL's RBI-appointed administrator and IDBI Trusteeship did not object to this application.The tribunal directed the distribution of current and future receivables as per the assignment agreement between DHFL and Indiabulls entities.On January 27, two Indiabulls Group companies had filed an application in NCLT against IDBI Trusteeship to recover dues against loans assigned to them by DHFL.The non-banking finance company had entered into an arrangement for assignment of loans with Indiabulls Commercial Credit and Indiabulls Housing Finance for consideration.According to the arrangement, the Indiabulls entities became the assignee of the loans and DHFL ceased to hold any rights in such loans after the assignment. DHFL continued to act as a collecting agent for the two Indiabulls entities and deposited the collections with IDBI Trusteeship. As per the arrangement, IDBI Trusteeship was entitled to 20 per cent of the collections deposited with it against certain loans.DHFL became the first financial services company to be referred to the NCLT under new rules notified by the government on 15 November, 2019.In December 2019, NCLT had admitted a Reserve Bank's move to initiate insolvency proceedings against the financial services company. SM MKJ

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