Piramal group gets RBI nod for acquisition of DHFL; mortgage lender’s shares rise by 4.94% – Business News , Firstpost

DHFL was the primary finance firm to be referred to NCLT by the RBI utilizing particular powers below Section 227 of the IBC. The firm owes Rs 87,031 crore to monetary collectors

Representational staff. Reuters

New Delhi: Piramal Group on Thursday mentioned the Reserve Bank is known to have cleared the decision plan for debt-ridden DHFL as authorized by the Committee of Creditors (CoC). The CoC had authorized a decision plan submitted by a Piramal Group firm, Piramal Capital and Housing Finance Limited, final month.

“We understand that the RBI has approved the DHFL resolution plan from Piramal Capital and Housing Finance, submitted by the CoC,” Piramal Group mentioned in an announcement. The decision plan was authorized by the CoC in its 18th assembly concluded on 15 January, 2021.

Last week, DHFL posted a consolidated web loss of Rs 13,095.38 crore for the third quarter ended December 2020 in opposition to a web revenue of Rs 934.31 crore within the yr-in the past 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 Bank referred Dewan Housing Finance Ltd (DHFL), the third-largest pure-play mortgage lender, to the National Company Law Tribunal (NCLT) for insolvency proceedings.

DHFL was the primary finance firm to be referred to NCLT by the RBI utilizing particular powers below Section 227 of the IBC.

Prior to that, the corporate’s board was outdated and R Subramaniakumar was appointed because the administrator. He can be the decision skilled below the Insolvency and Bankruptcy Code (IBC).

The firm is being investigated by the Ministry of Corporate Affairs from December 2019 via the Serious Fraud Investigation Office (SFIO). The Enforcement Directorate can 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.

Apart from this, CBI can be investigating the matter of quantities invested by an Uttar Pradesh State Government entity – Provident Fund within the Fixed Deposits of the corporate.

The monetary collectors have claimed excellent price Rs 87,031 crore from DHFL.

DHFL shares traded 4.94 p.c increased at Rs 18.05 apiece whereas Piramal Enterprises was up by 0.82 p.c at Rs 1,902.70 within the pre-shut session on BSE.

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