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Reserve Bank of India approves DHFL takeover deal: Piramal Group

Reserve Bank of India approves DHFL takeover deal Piramal Group
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New Delhi: The Piramal Group has said that the Reserve Bank of India (RBI) has approved its DHFL takeover deal.  The Piramal Group has issued a statement in this regard.  Under the debt burden, the Committee of Lenders (CoC) of Dewan Housing Finance Limited (DHFL) approved the settlement plan of Piramal Capital and Housing Finance Limited on 15 January this year.  The Piramal Group said in a statement on Thursday that RBI has approved the resolution plan for DHFL by its subsidiary Piramal Capital and Housing Finance Limited.  DHFL reported last week that it incurred a net loss of Rs 13,095.38 crore on a consolidated basis in the third quarter (October-December 2020) of the current financial year.  The company had a net profit of Rs 934.31 crore in the same period a year ago.

RBI, in November 2019, sent the country’s third-largest housing finance company, DHFL, to the National Company Law Tribunal (NCLT) for the insolvency process.  Before that, R Subramaniakumar was appointed as the Administrator of the company, superseding the company.  He is also a resolution professional under the Insolvency and Bankruptcy Code (IBC).  It is noteworthy that irregularities in select loans given by the company are being investigated by the Ministry of Corporate Affairs (MCA), Serious Fraud Investigation Office (SFIO), and Central Bureau of Investigation (CBI).

Financial lenders of a housing finance company stuck in debt have claimed dues of Rs 87,031 crore on DHFL.

A share of DHFL on the BSE gained 4.94 per cent to Rs 18.05.  At the same time, the price of one share of Piramal Enterprises rose 0.52 per cent to Rs 1,896.90.

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Written by Ritik Gupta

His name is Ritik Gupta; currently pursuing law. He has always kept pride as his everything. He deems writing as not like any other hobby but a reflection of one’s intellectuality. He likes to research on the parasitic problems and then lay them down in such a means that can be of assistance to the society. He just not studies law but treats it a controversial weapon to defeat the wrong.

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