No haircuts to any creditors: DHFL’s resolution plan
PTI, Aug 7, 2019, 10:53 AM IST
Mumbai: Troubled Dewan Housing Finance (DHFL) on Tuesday said none of its creditors will have any principal haircuts as per the draft resolution plan formulated by the company in consultation with its financial advisor Ernst and Young.
The Special Committee for Resolution Plan during its meeting “took on record the draft resolution plan”, DHFL said in a stock exchange filing.
The committee also approved submission of the draft resolution plan to the lenders of the company.
As per the resolution plan, “there will be no principal haircuts to any creditor”.
The other features of the plan include moratorium on repayments, and seeking funding from banks/National Housing Bank (NHB) for starting the retail funding activity.
In another filing, DHFL said one of the joint statutory auditors of the company — Deloitte Haskins & Sells LLP — has tendered resignation as statutory auditor of the company with immediate effect.
The reasons cited by Deloitte “are that in view of the matters stated in the disclaimer of opinion in the financial statements of the company for the year ended on March 2019 issued by them and its consequential effect on reporting under the Companies Act, 2013, their firm’s policy on client acceptance and continuation does not permit them to continue as statutory auditors of the company”, DHFL said.
It also added the company was in discussion with leading reputed audit firms for appointment as statutory auditors.
Shares of the DHFL closed at Rs 55.40 apiece on the BSE, up 32.06 per cent.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
India not reaping benefits of democratic dividend: Raghuram Rajan
Markets slump for third day on fears of escalating tensions in Middle East; IT stocks drag
Tesla is planning to lay off 10 of its workers after dismal 1Q sales, multiple news outlets report
With just Rs 150 base airfare take a 50-minute flight
Byju’s founder Raveendran to take over firm’s daily operations after CEO Mohan’s resignation
MUST WATCH
Latest Additions
Youth detained for Facebook threat to BJP MLA in Nashik
NE’s integration with rest of India happened under Modi govt: BJP chief Nadda
Congress spokesperson booked for alleged hate speech
BJP files complaint with EC against Sowmya Reddy, others for alleged violation of poll code
Siddaramaiah slams BJP candidate for visiting house of alleged police recruitment scam kingpin