Udayavni Special

DHFL case: Auditor flags fraudulent transactions worth Rs 12,705 cr


Team Udayavani, Sep 28, 2020, 4:42 PM IST

New Delhi: Fraudulent transactions worth Rs 12,705.53 crore took place at debt-ridden mortgage firm DHFL during FY17 to FY19, according to transaction auditor Grant Thornton.

According to the auditor’s report, this pertains to certain irregularities in loan disbursements towards the development of two Slum Rehabilitation Authority (SRA) projects undertaken by the company in the past.

Earlier this year, the administrator of Dewan Housing Finance Corporation Limited (DHFL), appointed under the Insolvency and Bankruptcy Code (IBC), obtained assistance from Grant Thornton to conduct an investigation into the affairs of the mortgage firm.

Last year, the Mumbai-bench of the National Company Law Tribunal (NCLT) had admitted the company for insolvency resolution.

It had appointed Indian Overseas Bank’s former managing director and CEO R Subramaniakumar as the company’s administrator.

“As per the Transaction Auditor’s report shared with the Administrator, the monetary impact of the above transactions covered under the Application amount to Rs 12,705.53 crore (which includes principal of Rs 10,979.50 crore and accrued interest of Rs 1,726.03 crore), being the amount outstanding in the books of the company as on November 30, 2019,” DHFL said in a regulatory filing on Monday.

The entire amount mentioned above along with interest for the remaining period is claimed through the application filed with the NCLT, it added.

As per the report prepared by the transaction auditor, the concerned transactions occurred during financial years 2016-2017 to 2018-19, the filing said.

Based on the report, an application has been filed with the NCLT, Mumbai against 40 respondents, including Kapil Wadhawan, Dheeraj Wadhawan, Darshan Developers Private Limited, Sigtia Constructions Private Limited and certain other entities as reported by the transaction auditor.

Last year, the Reserve Bank of India (RBI) sent the troubled mortgage lender DHFL for bankruptcy proceedings, making it the first financial services player to be sent to the NCLT for resolution.

As of July 2019, the beleaguered home financier owed Rs 83,873 crore to banks, National Housing Board, mutual funds and bondholders/retail bondholders.

Of the total, the secured debt stands at Rs 74,054 crore and Rs 9,818 crore in unsecured debt. Most banks have declared DHFL accounts as non-performing assets.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Parliamentary panel questions Paytm about Chinese investment, storing of data in servers abroad

Pak minister admits Pakistan’s role in Pulwama terrorist attack in J&K

Economic recovery faster than expected, confident of meeting $5-trn target by 2024: PM

Court orders probe against Kangana, sister over social media posts

Sullia: Bikini photoshoot at ‘sacred’ waterfalls irks locals

‘Rs 1cr fine, 5-yrs jail’: Centre introduces new law through ordinance to tackle air pollution in Delhi-NCR

Woman beheaded, 2 killed in knife attack in French church; terrorism suspected



Related Articles More

Govt likely to extend Air India bid deadline to Dec 14; investors to get flexibility on debt

Competition for jobs in India spiked 30 percent since 2019: LinkedIn data

COVID-19 hits India’s gold-buying sentiment; Q3 demand drops by 30 pc: WGC

HAL inks Rs 400-cr pact with Tech Mahindra for project Parivartan

Infosys becomes carbon neutral; outlines ESG vision for 2030

MUST WATCH

COVID19 | Peoples take on reopening of schools | Udayavani

Gadaga Accident victim arrives to vote in ambulance

Mangalore Dasara -2020 Highlights

Paschima Jagara Pooja starts at Sri Krishna Math

Mysore Dasara 2020: A Simplified Historical Jambusawari

Latest Additions

Parliamentary panel questions Paytm about Chinese investment, storing of data in servers abroad

Coral reef taller than Eiffel Tower found in Australia: Scientists

Pak minister admits Pakistan’s role in Pulwama terrorist attack in J&K

BJP does not need internal agreement in by-election: Nalin Kumar Kateel

Economic recovery faster than expected, confident of meeting $5-trn target by 2024: PM

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.