Tag: Kapil Wadhawan

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SC Issues Notice to CBI on Ex-DHFL Promoter’s Bail Plea

NEW DELHI: The Supreme Court has requested a response from the CBI regarding a bail application submitted by former DHFL promoter Kapil Wadhawan in connection with an alleged ₹34,926 crore bank fraud case. A bench comprising Justices JK Maheshwari and Vijay Bishnoi has issued notice to the agency for its response. On August 4, the Delhi High Court denied Wadhawan bail, citing that his conduct during custody was “not beyond reproach.” The court emphasized that economic offences affect not only individual victims but the financial system as a whole. The CBI contends that Wadhawan, as the promoter and CMD of…

Latest StoriesRegulatory

SEBI Bans DHFL’s Wadhawans and Four Others from Markets

NEW DELHI: The securities regulator, Sebi, has imposed a ban on Dewan Housing Finance Ltd’s former CMD, Kapil Wadhawan, ex-director Dheeraj Wadhawan, and four others from participating in securities markets for up to five years due to financial misconduct, including fund diversion and falsifying records. The additional individuals sanctioned by Sebi are Rakesh Wadhawan (non-executive chairman), Sarang Wadhawan (former non-executive director), Harshil Mehta (joint managing director & CEO), and Santosh Sharma (former CFO). Sebi has also levied fines totaling Rs 120 crore on the six individuals involved. Kapil Wadhawan and Dheeraj Wadhawan have each received a five-year ban, while Rakesh…

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SC Revokes DHFL Promoter’s Bail, Orders Surrender in 2 Weeks

NEW DELHI: The Supreme Court on Tuesday revoked the bail previously granted to former DHFL promoter Dheeraj Wadhawan in connection with a substantial bank loan scam. A bench comprising Justices Sanjay Kumar and Satish Chandra Sharma issued the order after reviewing a medical board’s report and instructed Wadhawan to surrender within two weeks. The Delhi High Court had granted him bail on September 9, 2024, citing medical reasons, stating that Wadhawan fit the definition of a “sick person”. This ruling followed an appeal by the CBI against the high court’s decision. Additional Solicitor General S V Raju, representing the agency,…

Latest StoriesRegulatory

Delhi HC Rejects Bail for DHFL Promoter in ₹34,926 Crore Fraud

NEW DELHI: The Delhi High Court denied bail to DHFL promoter Kapil Wadhawan in a Rs 34,926 crore bank fraud case, citing his “unreproachable” conduct in custody. Justice Ravinder Dudeja stated that such economic crimes affect not just individual victims but the entire financial system. The CBI alleges that Wadhawan was the principal architect of a significant financial fraud, diverting and misappropriating approximately Rs 34,926 crore from a consortium of 17 banks. The judge noted, “The applicant’s conduct during custody has not been beyond reproach. Allegations of manipulating valuable assets and transactions during judicial custody are serious and imply continued…