Page 3 - Dhfl

Piramal Enterprises board approves scheme for pharma business demerger

Piramal Enterprises said shareholders will be issued 4 shares in demerged entity for every 1 held in Piramal Enterprises

Piramal Capital & Housing Finance acquires DHFL via reverse merger

Piramal Enterprises on Friday said its subsidiary, Piramal Capital & Housing Finance Limited (PCHFL), has merged with debt-ridden Dewan Housing Finance (DHFL) after paying Rs 34,250 crore to the creditors of the troubled housing finance company. PCHFL has merged into DHFL with effect from September 30, 2021 pursuant to the reverse merger as contemplated under scheme of arrangement provided under the resolution plan, Piramal Enterprises said in a regulatory filing. "Consequent to the Reverse Merger, DHFL shall issue such number of equity shares to the shareholders of PCHFL i.e. to Piramal Enterprises Limited (PEL), in accordance with the scheme of arrangement provided under the resolution plan," it said. Upon allotment of equity shares to PEL, DHFL will become a wholly-owned subsidiary of PEL, it said, adding, Piramal Enterprises Limited will acquire 100 per cent of the equity share capital in DHFL. "The acquisition is in line with a strategic roadmap to transform and expand ...

DHFL acquisition to see Piramal Enterprises sharpen its retail focus

Completes acquisition; pays Rs 34,250 cr to creditors

Will step down from Tata board if there's a conflict, says Ajay Piramal

In an interview, Piramal Group chairman said he would not hesitate to step down from Tata Sons board if there is a sense of conflict of interest after his acquisition of DHFL

Piramal Group acquires DHFL for total consideration of Rs 34,250 cr

The creditors of DHFL will recover an aggregate amount of Rs 38,000 crore from the resolution

DHFL corruption case: HC refuses bail to Yes Bank founder's wife, daughters

A single bench of Justice Bharati Dangre rejected the bail applications filed by Kapoor's wife Bindu and daughters Roshini and Radha

HC reserves orders on bail pleas of wife, daughters of Yes Bank founder

The Bombay High Court reserved the orders on bail applications of Yes Bank founder Rana Kapoor's wife Bindu Kapoor and daughters Radha and Roshini Kapoor in an alleged corruption case involving DHFL

DHFL case: Denied bail, Yes Bank founder's wife, daughters move HC

Yes Bank founder Rana Kapoor's wife Bindu and daughters Roshni and Radha Kapoor Khanna on Monday approached Bombay High Court

DHFL case: CBI court denies bail to Yes Bank's former business head

A special CBI court in Mumbai on Monday denied bail to Rajiv Anand, former business head of Yes Bank, in a cheating and corruption case involving private sector lender DHFL. The bank's co-founder Rana Kapoor is one of the accused and is in judicial custody in a related case being probed by the Enforcement Directorate. Anand's bail plea was rejected by special judge S U Wadgaonkar, who granted bail to two other accused, Dularesh Jain and Sunil Chaudhary. The court had, on Saturday, denied bail to Rana Kapoor's wife Bindu and daughters Radha and Roshini. As per the CBI, Yes Bank invested Rs 3,700 crore in debentures of DHFL, which, in return, allegedly paid kickbacks of Rs 600 crore to DoIT Urban Ventures, a firm controlled by Kapoor's wife and daughters.

SC asks NCLAT to hear 63 moons plea against DHFL sale within two months

The Supreme Court on Monday refused to stay the implementation of DHFL Resolution Plan on the plea filed by 63 moons technologies and directed the NCLAT to hear the issue expeditiously.

Parliamentary panel, Sebi likely to discuss action in key cases

Franklin Templeton fiasco, brokers' default, outcomes of IL&FS & DHFL may be taken up during today's meet

DHFL posts four-fold jump in Q1 consolidated net profit at Rs 314 crore

Dewan Housing Finance Corporation (DHFL) on Friday reported an over four-fold jump in its consolidated net profit at Rs 314.43 crore for the quarter ended June 2021. The company had posted a net profit of Rs 70.10 crore in the same quarter a year ago and Rs 96.75 crore in the preceding quarter ended March 2021. The total income, however, fell by 14 per cent to Rs 2,001.36 crore during Q1 FY22, as against Rs 2,328.86 crore in Q1 FY21 as interest income fell, DHFL said in a regulatory filing. Interest earned in the June 2021 quarter fell to Rs 1,990.72 crore, as against Rs 2,315.93 crore earlier. On the other hand, expenses reduced drastically to Rs 1,553.74 crore from Rs 2,236.05 crore. The National Company Law Tribunal (Mumbai bench) had in June this year approved the resolution plan submitted by Piramal Capital & Housing Finance for the debt-ridden DHFL. Subsequently, the company set up a monitoring committee in July, as per the terms of the resolution plan and the plan approval

NCLAT refuses to stay Piramal Group's resolution plan for DHFL

A two-member ben­ch presiding over the case said, "We do not think that any int­erim order as sou­ght with regard to resolution plan app­roved needs to be passed."

NCLAT declines to stay Piramal Capital's approved resolution plan for DHFL

The National Company Law Appellate Tribunal (NCLAT) on Friday declined to stay the resolution plan of Dewan Housing Finance Corporation Ltd (DHFL) and its subsequent takeover by the successful bidder Piramal Capital & Housing Finance over the plea filed by 63 Moons Technologies. A two-member bench comprising its Officiating Chairperson Justice A I S Cheema and Member Alok Srivastava rejected 63 Moons Technologies' plea to pass an interim order staying the resolution plan approved by the Mumbai bench of National Company Law Tribunal (NCLT). Earlier on June 7, the NCLT had approved the resolution plan of Piramal Capital & Housing Finance Ltd for the debt-ridden DHFL and 63 Moons, which is a debenture holder of DHFL, filed a petition challenging it before NCLAT. It had requested to stay the operations of the NCLT order, till the two appeals filed by it before the appellate tribunal is decided. However, the NCLAT said: "We do not find that these are Appeals where interim order ...

NCLAT issues notices to lenders, Piramal on 63 Moons Technologies' plea

The National Company Law Appellate Tribunal (NCLAT) on Tuesday issued notices to DHFL's lenders and its winning bidder Piramal Capital over a petition filed by 63 Moons Technologies challenging the resolution process of the debt-ridden firm. A two-member bench comprising its Officiating Chairperson Justice A I S Cheema and Member Alok Srivastava issued notices to the lenders of Dewan Housing Finance Corporation Ltd (DHFL) and its successful bidder Piramal Capital & Housing Finance Ltd. The appellate tribunal has directed all parties to file their replies before July 19, which is the next date of hearing. Earlier on June 7, the Mumbai bench of the National Company Law Tribunal (NCLT) had approved the resolution plan of Piramal Capital & Housing Finance Ltd for the debt-ridden DHFL. 63 Moons, which is a debenture holder of DHFL, has filed a petition challenging the NCLT order. It holds non-convertible debentures (NCDs) worth over Rs 200 crore issued by DHFL. According to it, the

NCLAT issues notices to CoC, DHFL and Piramal on 63 moons plea

The NCLAT agreed to hear the petition by 63 moons technologies, challenging the NCLT's nod for Piramal's resolution plan.

NCLAT declines US firm's plea against Piramal group's bid for DHFL

The NCLAT termed the plea "premature", given that it approached the appellate tribunal without getting a decision on its petition filed before the Mumbai Bench of the NCLT

Top headlines: Analysts have eyes on RIL AGM; small firms get more say

Business Standard brings you the top headlines on Thursday.

CoC rejects DHFL's proposal for raising payout to small investors

The Mumbai Bench of the NCLT approved Piramal Group's resolution plan for the beleaguered DHFL on June 7.

RBI bans DHFL from taking deposits under Piramal Group mgmt

The Reserve Bank has revoked the deposit-taking status of Dewan Housing Finance (DHFL), the first financial services firm to go for bankruptcy proceedings, and has reclassified it as a non-deposit taking housing finance company, before approving the Piramal group's bid to take over it towards the end of the resolution process. The revelation comes in the June 7 NCLT Mumbai order that has approved the Rs 35,250-crore bid for the once second largest mortage lender by Piramal Capital & Housing Finance, forcing over 65 per cent haircut on the creditors and just Re 1 to its NCD holders to whom it owes more than Rs 45,000-crore. On the 14th page of the 86-page NCLT order by HP Chaturvedi and Ravikumar Duraisamy, it says DHFL no longer is a deposit taking NBFC but a non-deposit taking one. The changes were made in February 2021, after the RBI gave a non-objection to the January 25, 2021 application by R Subramaniakumar, the DHFL administrator, citing Rule 5 of its FSP (financial ...