Mutual funds had lent to the company in the form of debt securities. The non-banking finance company with a focus on housing finance has reportedly missed interest payments of Rs crore. Valuation norms require a write-down in the value of assets in case of such payment delays. The first CP maturity is on June 7, Scheduled aggregate cash outflows including loan repayment and securitisation payouts till July remains high at an estimated Rs 6, crore. DHFL, which held a 9.
DHFL scam: Fake accounts, fraud borrowers used to transfer funds, finds auditor Grant Thornton
What is the DHFL Scam?
The company, which is now being run under an administrator, had engaged Grant Thornton earlier this year to conduct an investigation into the affairs of the mortgage lender. The administrator of the company received additional report from professional agency Grant Thornton , indicating that there are certain transactions which are undervalued, fraudulent and preferential in nature, Dewan Housing Finance Company Ltd DHFL said in a regulatory filing. Further findings may be undertaken, in case of further findings by the transaction auditor, it added. The nature of the fraud, as per the latest findings, relates to disbursements to certain entities in the form of loans against property and utilisation of the same towards premature redemption of certain NCDs undertaken by DHFL in the past first case.
Kapil Wadhawan and DHFL: Pushed into the deep sea with no land in sight
Support Scroll. Fears about the precarious position of the Indian economy are not simply limited to falling behind China in growth rates. In other words, ratings agencies do not expect DHFL to be able to pay back the short-term debts it owes in full — including about Rs crore of commercial paper.
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