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<ul><li>The Enforcement Directorate on May 14 arrested the promoters of Diwan Housing Finance Limited Kapil and <keyword id="2992416" type="PERSON" weightage="20" keywordseo="Dheeraj-Wadhawan">Dheeraj Wadhawan</keyword>. </li><li>The scam started taking shape between April and June 2018 when Yes Bank invested ₹3,700 crore in short-term debentures of the scam-hit DHFL. </li><li>Wadhawans will be in custody for days until May 24. </li><li>The arrest comes two days after the Bombay High Court refused to grant pre-arrest bail. </li></ul>The Enforcement Directorate on May 14 arrested the promoters of Dewan Housing Finance Corporation Limited Kapil and Dheeraj Wadhawan. This time Wadhawans are accused of money laundering in the <keyword id="8878575" type="UNKNOWN" weightage="20" keywordseo="yes-bank-scam">Yes Bank scam</keyword>. The arrest comes two days after the Bombay High Court refused to grant pre-arrest bail. Dheeraj and <keyword id="152129" type="COMPANY" weightage="20" keywordseo="Kapil-Wadhawan">Kapil Wadhawan</keyword> <a href="https://www.businessinsider.in/india/news/dhfls-kapil-and-dheeraj-wadhawan-taken-into-custody-by-cbi-for-role-in-yes-bank-scam-case/articleshow/75388823.cms">were arrested last month</a> by the Central Bureau of Investigation (CBI) in connection with the Yes Bank scam. According to the CBI FIR, the scam started taking shape between April and June 2018 when Yes Bank invested ₹3,700 crore in short-term debentures of the scam-hit DHFL. In return, the Wadhawans <a href="https://www.livemint.com/news/india/yes-bank-ed-case-bombay-hc-rejects-pre-arrest-bail-plea-of-dheeraj-kapil-wadhawan-11589274386094.html">allegedly </a> "paid kickbacks of ₹ 600 crore" to former Yes Bank CEO Rana Kapoor and his family members in the form of loans to DoIT Urban Ventures (India) Pvt Ltd held by the wife and daughters of Kapoor, the CBI has claimed. Wadhawans will be in custody until May 24. But this isn’t the first case to blow the Wadhawan, who were once the limelight of all the glittery Bollywood parties in Mumbai. Earlier this year, Kapil Wadhawan was in ED custody until January 29 and had undergone a legal proceeding under the Prevention of Money Laundering Act. (PMLA). Wadhawans are accused<a href="https://www.livemint.com/news/india/ed-arrests-dhfl-s-kapil-wadhawan-in-iqbal-mirchi-money-laundering-case-11580126559311.html"> of reportedly diverting over ₹2,100 crore.</a> Fall of the Wadhawan Empire <div type="image" title="F78FE098-151C-41DD-B171-C35E8F74CB4A" msid="75738363" hostid="261" caption="&amp;lt;p&amp;gt;DHFL promoters Kapil and Dheeraj Wadhawan, accused in the Yes Bank-DHFL fraud cases, have been taken into CBI custody and taken both to session court from CBI Headquarter in BKC, Bandra,&amp;lt;/p&amp;gt;"></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. Rakesh Wadhawan — the billionaire promoter of DHFL — 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. Since then, members of the Wadhawan family have been accused of links with the underworld, bribery and corruption. (With PTI) SEE ALSO: <a href="https://www.businessinsider.in/business/news/with-kapil-wadhawans-arrest-the-family-is-now-accused-of-scams-worth-over-a-billion-dollars/articleshow/73713230.cms">With Kapil Wadhawan’s arrest, the family is now accused of scams worth over a billion dollars </a><a href="https://www.businessinsider.in/india/news/dhfls-kapil-and-dheeraj-wadhawan-taken-into-custody-by-cbi-for-role-in-yes-bank-scam-case/articleshow/75388823.cms">Yes Bank scam: DHFL's Kapil and Dheeraj Wadhawan taken into custody by CBI</a>

The Yes Bank probe leads to the arrest of DHFL promoters Kapil and Dheeraj Wadhawan for alleged money laundering

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

<ul><li>Creditors of DHFL, which include about 20 Indian banks and many other financial institutions, would recover an aggregate of ₹38,000 crore ($5 billion) from the resolution process of the firm and acquisition by Piramal Enterprises.</li><li>Many Indian banks had exposure to the crisis hit housing finance firm Dewan Housing Finance Corporation including most of the public sector banks.</li><li>Analysts say this is one of the biggest resolutions till date and the move will bring recovery into the banking sector.</li></ul><keyword id="6400918" type="General" weightage="20" keywordseo="piramal-group" source="Orion">Piramal Group</keyword> has completed the acquisition of crisis-hit Dewan Housing Finance Corporation (DHFL) for ₹34,250 crore. DHFL’s creditors will recover 46% of their pending dues via the resolution process, the company said in a statement. The amount of ₹34,250 crore ($4.61 billion) paid by Piramal will be through a combination of cash and non-convertible debentures and an amount of around ₹3,800 crore will be paid to the creditors from the cash balance available with DHFL. Analysts say this is one of the biggest resolutions till date to financial institutions after the <a href="https://www.business-standard.com/about/what-is-il-fs-crisis">IL&amp;FS crisis</a>. About 19 Indian banks have exposure to the crisis-hit housing finance firm including most of the public sector banks. Shares of the top five lenders moved up on Wednesday after the company said it will pay ₹38,000 crore in total to all creditors. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Banks </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% change in stock price </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.33% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of India </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.68% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Canara Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.87% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Union Bank of India </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.71% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.27% </td></tr></tbody><tbody></tbody><tbody></tbody></table> “DHFL’s resolution has finally happened and the recovery upgradation and reversal provision will be visible in banks (books) in the coming quarters which is positive for the sector and the banks having exposure to the firm,” Siddharth Purohit, research analyst at SMC Securities told Business Insider. There are about 20 Indian banks and many other financial institutions that have lent to DHFL over a period of time. Here is a list of top five lenders to the firm: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Banks </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Claims (in Rs billions) </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Admitted (in Rs billions) </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Rejected (in Rs billions) </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SBI (including SBI Singapore) </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">100.83 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">71.71 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">29.12 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of India </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">41.26 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">41.26 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Canara Bank (Syndicate Bank) </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">26.82 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">21.52 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5.31 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Union Bank of India </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">24.13 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">23.86 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">0.27 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">20.75 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">20.21 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">0.54 </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: ICICI Securities research report, January 19, 2021 How did one of the country’s biggest crises take place? DHFL, a non-banking financial company, primarily gives loans to home buyers in India’s tier 2 and tier 3 cities. After the IL&amp;FS crisis emerged, in September 2018, DHFL’s stock got hammered, by as much as 60%. Then, in January 2019, <a href="https://economictimes.indiatimes.com/markets/stocks/news/dhfl-plunges-after-cobrapost-expose-on-dubious-loans/articleshow/67749239.cms">Cobrapost </a>claimed that the company’s promoters were involved in a ₹31,000 crore scam siphoning off money. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div> On June 4, 2019, the company failed to pay about ₹900 crore worth of interest, prompting ratings agencies to downgrade all of its commercial papers. Adding to the woes, allegations of dubious financial transactions continued to emerge against Kapil Wadhawan (the then chairman and managing director) and Dheeraj Wadhawan (then a non-executive director). In October last year, the enforcement directorate (ED) even conducted raids at several DHFL offices and promoter residences. Putting an end to the fiasco, on November 29, 2019, the Reserve Bank of India (RBI) initiated insolvency proceedings against DHFL. To the company’s rescue, in January, 2021, billionaire Ajay Piramal's Piramal Group emerged as the preferred bidder for debt-laden mortgage lender DHFL. After two years of the crisis, many banks who had lent money to the housing firm will receive part of their loans along with a lesson learnt. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/airtel-supplier-tejas-networks-up-six-fold-before-pli-approval/articleshow/86607753.cms">This telecom equipment maker is up six fold in one year while waiting for production linked incentives</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/aditya-birla-sun-life-amcs-ceo-says-mutual-fund-industry-to-see-many-mergers-in-next-couple-of-years/articleshow/86606968.cms">Mutual fund industry to see many mergers in next couple of years, says Aditya Birla Sun Life AMC’s CEO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/elon-musk-leads-the-pack-mukesh-ambani-in-top-10-here-are-the-richest-people-on-the-planet/slidelist/86609457.cms">Elon Musk leads the pack, Mukesh Ambani in top 10 — Here are the richest people on the planet</a>

India’s 20 state owned banks get about $5 billion back from a loan written off and they are thrilled

New Delhi, Apr 26 () The CBI has taken DHFL promoter Kapil Wadhawan and RKW Developers promoter Dheeraj Wadhawan into custody from a Mahabaleshwar-based quarantine facility in connection with a case of bribery against former Yes Bank CEO Rana Kapoor, officials said on Sunday. A process of executing non-bailable warrants against both is going on, a CBI official said. The Wadhawan brothers are named as accused in the CBI FIR pertaining to swindling of money by Kapoor and others, the officials said. The two were absconding since the case was registered against them on March 7, the agency had alleged. They were held by Satara police earlier this month while allegedly violating prohibitory orders related to lockdown when a carcade carrying Wadhawan family members was stopped at Panchgani in Maharashtra. They were kept at a quarantine facility in Mahabaleshwar by the district administration, they said. The Central Bureau of Investigation (CBI) had written to the Satara district administration to not release them without a No Objection Certificate from it, the officials added. ABS SRYSRY

CBI takes DHFL promoters Kapil, Dheeraj Wadhawan into custody in Yes Bank scam

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="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

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

<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>

You Searched For "dhfl promoters" and got 8 results

The Yes Bank probe leads to the arrest of DHFL promoters Kapil and Dheeraj Wadhawan for alleged money laundering

Preeti Soni

NCLT approves Piramal Group's resolution plan for DHFL

PTI

India’s 20 state owned banks get about $5 billion back from a loan written off and they are thrilled

Bhakti Makwana

CBI takes DHFL promoters Kapil, Dheeraj Wadhawan into custody in Yes Bank scam

PTI

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

PTI

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

IANS

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

IANS

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

Navdeep Yadav

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