Tag: DHFL

Regulatory

SC tells Delhi HC to expeditiously decide DHFL ex-promoter’s bail plea

NEW DELHI: The Supreme Court on Friday asked the Delhi High Court to decide within two weeks the bail plea of Dewan Housing Finance Ltd’s former promoter Kapil Wadhawan in the multi-crore bank fraud case investigated by the CBI. A bench of Justices Ujjal Bhuyan and Manmohan said Wadhawan was in custody since July, 2022 and his bail plea was coming up for hearing on July 18 in the high court. The bench asked the high court to decide the bail plea within two weeks from the date of hearing. Wadhawan moved the top court aggrieved by the orders of…

Regulatory

ED says DHFL promoters used public money for extravagant hobbies, lavish purchases

MUMBAI: DHFL promoters Kapil and Dheeraj Wadhawan allegedly utilised “public money” for their “extravagant hobbies”, purchasing 25 paintings and a sculpture worth over Rs 63 crore, claimed the Enforcement Directorate’s chargesheet in multi-crore bank loan scam case. Besides the paintings, the loan amount was used for the purchase of gemstones, properties as well as 20 per cent stake in a helicopter, the chargesheet said. The Wadhawan brothers are accused of defrauding a consortium of 17 banks led by Union Bank of India (UBI) to the tune of Rs 34,615 crore. The federal probe agency recently filed its chargesheet against 17…

Housing Finance

SC upholds Piramal Capital & Housing Finance’s resolution plan for DHFL

The Supreme Court on Tuesday upheld Piramal Capital & Housing Finance’s resolution plan for erstwhile Dewan Housing Finance Corporation Ltd (DHFL), overturning the National Company Law Appellate Tribunal’s (NCLAT) order that asked the lenders of the debt-laden firm to relook into certain parts of the resolution plan that ascribed a value of only Rs 1 to Rs 45,000 crore worth of bad loans (avoidance and fraudulent transactions) of DHFL. The apex court also dismissed various appeals including one by former promoter Kapil Wadhawan, challenging the resolution plan on the grounds that Piramal acquired the Rs 90,000-crore company for just Rs…