Page 17 - Dhfl

DHFL promoters' holding frozen for delay in first quarter results

However, sources close to DHFL said the company is going to declare its results in few days and is arranging a board meeting for the purpose

CDSL freezes DHFL promoters' holding over delay in announcing Q1 results

Leading depository CDSL has frozen shareholding of debt-ridden mortgage lender DHFL's promoters because of delay in announcement of the company's financial earnings, sources said on Monday. The decision has been taken after the company failed to announce its first quarterly results, they said. However, sources close to Dewan Housing Finance Corporation Ltd (DHFL) said the company results are expected to be announced in next few days, for which the board meeting is expected to be called for, they added. DHFL, which has been severely impacted by the NBFC crisis which unfolded late last year following the IL&FS bankruptcy, has defaulted on multiple commitments. The Wadhawan family, which owns a little over 39 per cent in the DHFL, has been looking at various ways of coming out of the stress. These include selling stakes in group entities, including in the flagship to the extent of giving up half of their stake. Sources on Monday said CDSL, which allows investors to deposit securities

'Sitting ducks': $63 bn of zombie buildings sound alarm for Indian banks

As lenders stop new credit, builders are forced to offload properties

Second wave of NPAs? SBI, BoB, YES Bank could be hit, says Jefferies

YES Bank, Bank of Baroda, SBI, IndusInd Bank, and RBL Bank are amongst the banks most prune to "high risk" emanating from Anil Dhirubhai Ambani Group (ADAG), Cox & Kings, CG Power, and DHFL

Why do credit rating agencies keep missing big Indian company defaults?

India's major rating firms include Crisil, the Indian unit of S&P Global; ICRA, the local unit of Moody's Investors Service

Can a land bank be the solution to India's huge shadow bank crisis?

India's banks are rapidly losing faith in the shadow financiers that lend to property builders

BS Fund Manager: Can mutual funds win back the confidence of investors?

Given the recent credit events and equity market volatility, the going may not be easy for fund houses

DHFL appoints former SBI executive Vajinath Gavarshetty as new CEO

Shareholders vote on debt conversion plan at the AGM on Saturday

DHFL floats draft resolution plan; proposes conversion of debt into equity

Debt ridden mortgage lender DHFL floated a draft resolution plan under which it proposes to convert debt into equity, subject to approval of investors and bankers. The Wadhawan family, who owns a little over 39 per cent in the company, has been looking at various ways of coming out of the stress which first came to light late last year following the IL&FS bankruptcy. These include selling stakes in group entities, including in the flagship to the extent of giving up half of their stake. The company on September 27 held a meeting to present the Draft Resolution Plan to all its institutional creditors including banks, financial institutions, mutual funds, insurance companies and other institutional bond holders, and to apprise them of the various steps required to be undertaken to implement the Resolution Plan, DHFL said in a filing to stock exchanges on Saturday. Assuming a price of Rs 54 per share for debt conversion into equity by lenders to acquire 51 per cent in the company, i

New framework to bail out stressed financial companies likely today

Sources said the regulators would identify the companies that would come under the new mechanism and require a lifeline

DHFL trades lower for fourth straight day, declines 13%

The stock slipped 13 per cent to Rs 41 and was trading close to its 52-week low of Rs 37 touched on August 23, 2019.

NBFC crisis: Now, DHFL, Altico Capital default on bond repayments

The default by DHFL is towards principal and interest on non-convertible debentures worth Rs 350 crore issued by it, DHFL said in a regulatory filing

Top 10 biz headlines: Auto sales down 23.5%, direct tax code delay & more

From PV sales declining for the 10th straight month to chances that the govt is unlikely to replace the Income Tax Act with the direct tax code, here are the top business headlines for Tuesday

Banks may miss September 25 deadline to approve DHFL resolution plan

Lenders ask firm to settle dues towards commercial papers and meet bank interest accrued till July 5

DHFL surges 12% on payment of pending amount to DSP Mutual Fund, IDBI AMC

DHFL is currently going through debt resolution process under the inter-creditor agreement led by banks

IDBI Mutual Fund moves Bombay High Court against cash-strapped DHFL

DHFL is currently going through debt resolution process under the inter-creditor agreement led by banks

Sebi letter ends MFs' hopes of joining DHFL resolution process

Regulator makes side-pocket mandatory for resolution process; over 100 exposed schemes fail to make the cut

DHFL board approves plan to convert debt into equity, sell assets

DHFL and other shadow banking firms have been stung by a liquidity crunch following last year's collapse of IL&FS

Cash-strapped DHFL appoints KK Mankeshwar as new statutory auditor

Cash-strapped housing financier DHFL on Monday said it has appointed KK Mankeshwar & Co as its statutory auditor. The company's move comes after resignation of auditors Deloitte Haskins & Sells and Chaturvedi & Shah this month. As per a BSE filing, the appointment of the new auditor comes into effect from August 26. The decision was taken at the company's board meeting held on Monday. The company "on the recommendation of the Audit Committee and subject to the approval of the shareholders of the company, appointed K K Mankeshwar & Co...as the statutory auditors...with effect from August 26, 2019 till the conclusion of ensuing 35th AGM and also from the conclusion of the 35th AGM till the conclusion of the 40th AGM", the filing said. DHFL said its board also took on record the resignation of Chaturvedi & Shah LLP, in terms of the communication received by the company on August 25. Reportedly, auditors Deloitte Haskins & Sells and Chaturvedi & Shah quit due .

Sundaram MF withdraws DHFL side-pocket, says not in-line with Sebi norms

Proposal was not in-line with Sebi norms on creating a separate portfolio for affected asset