According to the report by Transaction Auditor Grant Thornton, fraudulent reports of Rs 17,394 crore were made in DHFL during FY 2007 to FY19.
Kapil Wadhawan told the administrator – 4 companies filed a resolution plan to buy the DHFL should not be judged the wrong value of the property
Kapil Wadhavan, promoter of Dewan Housing Finance Corporation Limited (DHFL), which is going through the insolvency process, has made a new offer to repay the debt. Wadhawan appointed Administrator R. On behalf of the Reserve Bank of India (RBI). By sending a letter to Subramanyakumar saying that the debt of DHFL can be repaid by selling the family property. The value of family property is close to 43 thousand crores. DHFL has a debt of about 90 thousand crore rupees.
Assess the true value of the property
On the tender for the acquisition of the company, Wadhavan has said that the right value for all the properties should be valued. He has said that no attempt should be made to assess the wrong value of the property. Wadhawan has urged the administrator to allow him to make suggestions in the resolution process of DHFL. He has said that DHFL has paid 44 thousand crore rupees since September 2018. In a letter written on 17 October, Wadhawan has expressed hope that the resolution process will be positive.
Four companies submitted a resolution plan
The tender process for the purchase of DHFL ended on Saturday. For this, four companies have submitted a resolution plan. These companies include Adani Group, Piramal Enterprises, Oaktree of America and SC Lowy of Hong Kong. Last year, RBI applied for the insolvency process of DHFL under the Code of Insolvency and Bankruptcy (IBC). The insolvency process of DHFL is underway in the Mumbai Bench of the National Company Law Tribunal (NCLT).
Many frauds occurred in DHFL
According to last month’s filing, transaction auditor Grant Thornton reported that during the financial year 2007 to FY 2019, there were fraudulent reports of Rs 17,394 crore in DHFL. Due to fund diversion done by the promoters, the lenders had put the DHFL account in the category of fraud. Another fraud of Rs 12,705.53 crore was detected in the forensic audit. Grant Thornton was also diagnosed with a third fraud earlier this month. The third fraud was Rs 2,150.84 crore, which undervalued the value of the insurance subsidiary of DHFL.