proberevival

DHFL revival plan: SFIO probe gives lenders jitters – Moneycontrol

dhfl-revival-plan:-sfio-probe-gives-lenders-jitters-–-moneycontrol

Lenders of Dewan Housing Finance (DHFL) may reject the revival plan after an investigation into alleged monetary irregularities on the firm, in keeping with a report in The Financial Instances.

The Severe Fraud Investigation Workplace (SFIO) has initiated a probe into the housing financier’s accounts after KPMG’s forensic audit report revealed funds diversion.

In September, DHFL had proposed a decision plan that transformed debt to fairness, following which lenders would purchase 51 p.c of the corporate.

The decision plan had assumed that DHFL’s present promoters would retain a minority stake, a banker informed the publication.

Moneycontrol couldn’t independently confirm the story.

A forensic audit by KPMG revealed diversion of funds into entities linked with the promoters.

Greater than 100,000 fastened deposit (FD) holders is perhaps impacted resulting from losses confronted from the funds diversion, in keeping with a Mint report.

“There are additionally considerations that authorities businesses will connect the belongings of the corporate. All these elements have put a query mark on the plan,” a  banker stated.

DHFL’s decision plan proposed changing 2.three p.c of every lender’s publicity into fairness at Rs 54 per share.Particular Thursday Expiry on 10th 7th Nov

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