Tag: union bank of india

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…