What is DHFL insolvency case?
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What is DHFL insolvency case?
New Delhi: The Reserve Bank of India (RBI) took control of DHFL by appointing an administrator and took the company to Insolvency and Bankruptcy Code (IBC) process, perhaps the first for a non-banking finance company (NBFC), despite all the drawbacks in the IBC process.
Is DHFL under insolvency?
The Piramal Group has concluded the acquisition of Dewan Housing Finance Corporation (DHFL) under the Insolvency and Bankruptcy Code (IBC). This is the first successful resolution under the IBC route in the financial services sector.
Who buy DHFL now?
Piramal Enterprises Ltd
DHFL has been acquired by Piramal Enterprises Ltd for total consideration of ₹34,250 crore. Piramal Enterprises Ltd (PEL) on Wednesday said it has formally acquired the bankrupt Dewan Housing Finance Corporation Ltd (DHFL) by making the cash payment of ₹14,700 crore to creditors as per the resolution plan.
What will happen to my DHFL shares?
NSE, in a circular to its members, said DHFL equity shares will be suspended from trading with effect from June 14, 2021 (that is closing hours of trading on June 11, 2021). BSE, in a notice said that to avoid market complications,trading in the equity shares of DHFL will be suspended with effect from June 14, 2021.
Is DHFL taken over by Piramal?
Agencies Piramal Group acquires DHFL for Rs 34,250 crore. Piramal has completed the acquisition of DHFL for Rs 34,250 crore which includes a cash component and non-convertible debentures.
What will happen to DHFL shareholders after insolvency?
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 Group’s financial services business.
Following this reverse merger, DHFL will issue equity shares to the shareholders of PCHFL in accordance with the scheme of arrangement provided under the resolution plan, it further said, adding that once the equity shares are allotted, DHFL will become a wholly-owned subsidiary of Piramal Enterprises Ltd (PEL).
Who is the owner of DHFL?
Piramal Group
Piramal Capital & Housing Finance Limited
Dewan Housing Finance Corporation/Parent organizations
What is dhdhfl insolvency?
DHFL which is among the largest mortgage lenders in the country, was the first financial services company to be notified for insolvency resolution under Section 227 of the Insolvency and Bankruptcy Code by the Reserve Bank of India.
Will RBI initiate insolvency proceedings against DHFL?
December 3, 2019: Admitting the petition of the Reserve Bank of India (RBI), to initiate insolvency proceedings against Dewan Housing Finance (DHFL), a two-member National Company Law Tribunal (NCLT) bench of MK Shrawat and Chandra Bhan Singh, on December 2, 2019, said, “The petition deserves admission” without fixing the date for the next hearing.
Why did DHFL go bankrupt?
The Reserve Bank of India initiated insolvency proceedings against DHFL after replacing the board of directors of the company in November 2019 citing governance concerns and defaults by DHFL in meeting various payment obligations. Who were the bidders?
What is the DHFL Pramerica Life Insurance Fraud?
Mortgage lender DHFL, on October 6, 2020, said that the fraud had been committed, by undervaluing the company’s insurance subsidiary, Pramerica Life Insurance Ltd. These transactions occurred, when DHFL sold its stake in Pramerica to DHFL Investments Ltd, during financial years 2016-2017 to 2018-19.