Financials stocks were trading in the negative zone, with the S&P BSE Finance index falling 76.46 points or 1.04% at 7246.72 at 13:48 IST. Among the components of the S&P BSE Finance index, Shriram Transport Finance Company Ltd (down 6.05%), Magma Fincorp Ltd (down 5.05%),Cholamandalam Investment & Finance Company Ltd (down 4.93%),Dolat Investments Ltd (down 4.71%),Dewan Housing Finance Corporation Ltd (down 4.64%), were the top losers. Among the other losers were Dhanlaxmi Bank Ltd (down 4.2%), Muthoot Finance Ltd (down 4.13%), Bandhan Bank Ltd (down 3.93%), Bajaj Finance Ltd (down 3.63%), and Housing Development Finance Corporation Ltd (down 2.91%). On the other hand, Housing & Urban Development Corporation Ltd (up 12.3%), Jammu and Kashmir Bank Ltd (up 8.63%), and Paisalo Digital Ltd (up 4.31%) moved up.
63 moons technologies has asked non-convertible debenture (NDC) and fixed deposit holders of Dewan Housing Finance Corporation Ltd. (DHFL) to file separate applications in the National Company Law Tri
Continuing the war of letters over Dewan Housing Finance Corporation Ltd, Ajay Piramal, Chairman, Piramal Enterprises Ltd, has written to the Reserve Bank of India Governor Shaktikanta Das, contending
Dewan Housing: Why insolvency resolution processes need a
greater degree of certainty
In November 2019, after reports of a large-scale financial scam,
Dewan Housing Finance Corporation Ltd (DHFL) became the first
non-banking financial company to be referred to the National
Company Law Tribunal (NCLT) for insolvency proceedings.
In February 2020, 24 applicants submitted expressions of
interest for DHFL. Applicants were allowed to bid for either the
entire company or parts of the business. The last date for
submission of a resolution plan was April 16. The deadline
was extended multiple times, including on account of the COVID-19
pandemic, until November 9.
While the Adani group was reportedly among the initial 24
DHFL resolution process in the last lap
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The resolution of debt ridden Dewan Housing Finance Corporation Ltd (DHFL) now seems to be in its final stages with lenders having initiated the voting process. Oaktree Capital, Piramal Capital and Housing Finance Ltd with bids in the range of ₹38,000 crore are being seen as the front runners and are engaged in neck-and-neck competition.
Others in the fray include the Adani Group and SC Lowy. A new owner is likely to be announced towards the end of this month. The voting process is expected to be completed by January 14. Bankers expect the proceeds of DHFL resolution to boost their fourth quarter results to an extent as some of the bidders have offered upfront cash. The claims of lenders that have been admitted in the NCLT in the case of DHFL aggregate to about ₹87,000 crore.