Business

Piramal group gets RBI nod for acquisition of DHFL; mortgage lender’s shares rise by 4.94%

Piramal group gets RBI nod for acquisition of DHFL; mortgage lender’s shares rise by 4.94%
Written by admin
Piramal group gets RBI nod for acquisition of DHFL; mortgage lender’s shares rise by 4.94%

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

Piramal group gets RBI nod for acquisition of DHFL; mortgage lender's shares rise by 4.94%

Representational employees. Reuters

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

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

Final week, DHFL posted a consolidated internet lack of Rs 13,095.38 crore for the third quarter ended December 2020 in opposition to a internet revenue of Rs 934.31 crore within the year-ago quarter.

Sequentially, the corporate witnessed a widening of internet 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Previous to that, the corporate’s board was outdated and R Subramaniakumar was appointed because the administrator.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 via the Severe Fraud Investigation Workplace (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.

Aside from this, CBI can 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 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-close session on BSE.

Subscribe to Moneycontrol Professional at ₹499 for the primary yr. Use code PRO499. Restricted interval provide. *T&C apply

#Piramal #group #RBI #nod #acquisition #DHFL #mortgage #lenders #shares #rise

About the author

admin