Piramal group will get RBI nod for acquisition of DHFL; mortgage lender’s shares rise by 4.94%
DHFL was the primary finance firm to be referred to NCLT by the RBI utilizing particular powers below Part 227 of the IBC. The corporate owes Rs 87,031 crore to monetary collectors
New Delhi: Piramal Group on Thursday mentioned the Reserve Financial institution is known to have cleared the decision plan for debt-ridden DHFL as accredited by the Committee of Collectors (CoC). The CoC had accredited a decision plan submitted by a Piramal Group firm, Piramal Capital and Housing Finance Restricted, final month.
“We perceive that the RBI has accredited the DHFL decision plan from Piramal Capital and Housing Finance, submitted by the CoC,” Piramal Group mentioned in an announcement. The decision plan was accredited by the CoC in its 18th assembly concluded on 15 January, 2021.
Final week, DHFL posted a consolidated web lack of Rs 13,095.38 crore for the third quarter ended December 2020 towards a web revenue of Rs 934.31 crore within the year-ago quarter.
Sequentially, the corporate witnessed a widening of web loss from Rs 2,122.65 crore within the second quarter ended September 2020. In November 2019, the Reserve Financial institution referred Dewan Housing Finance Ltd (DHFL), the third-largest pure-play mortgage lender, to the Nationwide Firm Legislation Tribunal (NCLT) for insolvency proceedings.
DHFL was the primary finance firm to be referred to NCLT by the RBI utilizing particular powers below Part 227 of the IBC.
Previous to that, the corporate’s board was outdated and R Subramaniakumar was appointed because the administrator. He’s additionally the decision skilled below the Insolvency and Chapter Code (IBC).
The corporate is being investigated by the Ministry of Company Affairs from December 2019 by way of the Severe Fraud Investigation Workplace (SFIO). The Enforcement Directorate can also be probing the corporate in reference to loans given by it to sure debtors.
The CBI has additionally initiated an investigation in reference to sure loans granted by the corporate.
Aside from this, CBI can also be investigating the matter of quantities invested by an Uttar Pradesh State Authorities entity – Provident Fund within the Fastened Deposits of the corporate.
The monetary collectors have claimed excellent price Rs 87,031 crore from DHFL.
DHFL shares traded 4.94 % greater at Rs 18.05 apiece whereas Piramal Enterprises was up by 0.82 % at Rs 1,902.70 within the pre-close session on BSE.
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