DHFL
Piramal ascribes Re 1 to Rs 45,000 cr recoveries in DHFL: 63 moons objects at NCLAT
Notably, Piramal Capital and Housing Finance Ltd has ascribed only a sum of Re 1 to Rs 45,000 crore worth of potential recoveries from DHFL promoters. The Mumbai-based fintech company has urged the NCLAT to ensure that the proposed recovery of Rs 45,000 crore from Wadhawans and their associates and companies must benefit only creditors and not unjustly enrich a resolution applicant like Piramal Group.
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. Seeking interim protection from NCLAT, in its plea, 63 moons said the resolution plan execution is subject to the NCLAT nod. It must be noted that 63 moons technologies has described the current resolution plan as disappointing for NCD holders.
No more trading in DHFL shares starting Monday
The BSE and NSE have decided to suspend trading in the shares of Dewan Housing Finance Corporation Ltd (DHFL) from Monday. The development follows the approval of the resolution plan of Piramal Capital & Housing Finance Ltd to acquire the bankrupt company.
DHFL logs Q4 net profit of Rs 96.75 cr
During the same quarter of FY2019-20, the bankrupt NBFC had posted a consolidated net loss of Rs 7,507.01 crore. Its total revenue from operations during the fourth quarter of FY21 was Rs 2,034.53 crore. For the financial year 2020-21, DHFL reported a consolidated net loss of Rs 15,051.17 crore.
Piramal Group wins bid for DHFL with 94% votes
Piramal received 94 per cent of the votes from the Committee of Creditors (CoC), said people in the know. The minimum requirement for winning a bid is 66 per cent votes.
DHFL COC seeks to oust Oaktree from bidding race; rules changed again to favour Piramal
Interestingly, Oaktree has emerged as H1 with the highest bid of Rs 38,400 crore. However, at the instance of some of these lenders, the rules of the game are being changed again to favour Piramal Group. The bid evaluation criteria have been altered wrongly whereby Oaktree bid value will unfairly be suppressed by Rs 2,700 crore.
How Piramal bid for DHFL scores higher
As part of the RFRP, the Committee of Creditors (COC) has shared a purely objective scoring grid. This is a weighted average of upfront cash amount and the NPV offered by each bigger. Piramal bid scores highest on this quantitative score, experts said. The Piramal bid is unconditional, and does not have build in options for revoking the bid, or revoking pricing at a later date etc.
Kapil Wadhawan's fresh offer for DHFL, '100% refund' to creditors
In a letter which has also been marked to the Reserve Bank of India (RBI), the Prime Minister's Office (PMO), the Ministry of Finance, the Ministry of Corporate Affairs and the Committee of Creditors (CoC), he has offered to make the full principal refund within a period of seven to eight years.
DHFL resolution: Kapil Wadhawan writes to SEBI, RBI against 63 Moons
Last month, 63 Moons had filed a writ petition before the Madras High Court seeking direction to the Tamil Nadu government and the competent authority to attach various assets belonging to DHFL or in which DHFL holds a direct or indirect interest or the assets offered by Wadhawan.
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