Dewan Housing launches reverse mortgage for senior citizens.
Go for a fixed rate," your banker is likely to insist if you enquire about a home loan. But floating is what makes sense at present
The International Finance Corporation will provide a $50 million loan to the leading automaker Tata Engineering to support its ongoing investment programme and new product development initiatives.
The Enforcement Directorate has arrested the chairman and the managing director (MD) of Mumbai-based Omkar Realtors and Developers in connection with a money laundering case against them linked to the alleged loan fraud in Yes Bank, official sources said on Wednesday.
Kapoor has told the Enforcement Directorate that he was 'forced' to buy the M F Husain painting from Priyanka Gandhi and the sale proceeds were utilised by the Gandhi family for the medical treatment of Congress president Sonia Gandhi in New York, according to the charge sheet filed by the federal anti-money laundering agency in a special court in Mumbai.
US-based Oaktree on Monday pipped Piramal Enterprises and Adani Group to emerge as the highest bidder for DHFL after fresh bids were invited under the insolvency process, according to sources. The committee of creditors had fixed December 14 as the last for submission of revised bids. According to the sources, Oaktree raised the bid to Rs 36,646 crore, including Rs 1,000 crore for insurance and Rs 3,000 crore of interest earned, while Piramal Enterprises offered Rs 35,550 crore, including Rs 300 for insurance and Rs 3,000 of interest earned.
After taking over the home loan arm of ING Vysya Bank last year, Dewan Housing Finance now targets to double its business to Rs 900 crore this fiscal and increase its assets to Rs 5,000 crore by 2007.
Lenders to DHFL will meet early July to hammer out a rescue package, which will include the reworking of loan payments, fresh working capital support, roping in a financial investor, and the promoters ceding control.
The central probe agency that began action against the banker by raiding his upscale residence in south Mumbai on Friday is primarily investigating Kapoor, his wife and three daughters over a Rs 600 crore fund received by a firm allegedly "controlled" by them from an entity linked to the scam-hit Dewan Housing Finance Limited.
A lot depends on how Srei shapes up under the new administrator and his team, which is critical for investors' interest.
Piramal Enterprises on Friday claimed that its bid for resolution of debt-ridden mortgage lender DHFL is highest and fully compliant with regulatory norms. Since the conclusion of the fifth and final round of the bidding process last month, Piramal Enterprises and the US-based Oaktree Capital are claiming that their bids are the highest and fully implementable. According to sources, suitors have submitted bids in the range of Rs 35,000-37,000 crore.
While the lender has Rs 17,000 crore of retail assets and land parcels in Juhu, Borivali, Worli, and Chembur in Mumbai, there may be a disconnect between the quality of DHFL's books and the value bidders ascribe to it.
They were arrested with the 'cooperation of district authorities of Satara on the strength of Non-bailable Warrant of Arrest issued by the Court of Special Judge, CBI Cases, City Sessions Court, Mumbai', CBI spokesperson R K Gaur said in New Delhi.
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
The Reserve Bank has revoked the deposit-taking status of Dewan Housing Finance (DHFL), the first financial services firm to go for bankruptcy proceedings, and has reclassified it as a non-deposit taking housing finance company, before approving the Piramal group's bid to take over it towards the end of the resolution process. The revelation comes in the June 7 NCLT Mumbai order that has approved the Rs 35,250-crore bid for the once second largest mortage lender by Piramal Capital & Housing Finance, forcing over 65 per cent haircut on the creditors and just Re 1 to its NCD holders to whom it owes more than Rs 45,000-crore. On the 14th page of the 86-page NCLT order by HP Chaturvedi and Ravikumar Duraisamy, it says DHFL no longer is a deposit taking NBFC but a non-deposit taking one.
The Mumbai Bench of the National Company Law Tribunal (NCLT) on Monday approved Piramal Group's resolution plan for the beleaguered Dewan Housing Finance Ltd (DHFL), which has been reeling from the insolvency process since 2019. The plan put forward by Piramal Group, which has offered to pay Rs 37,250 crore, has been approved by the committee of creditors (CoC), the Reserve Bank of India (RBI), and the Competition Commission of India (CCI).
Notwithstanding the challenges posed by the pandemic, the deal street remained buoyant pushing the overall deal value to a three-year high of $90.4 billion during the first nine months of 2021, a 35.1 per cent increase in value over the same period last year, according to an industry report. During the third quarter ending September, total deals grew by a tepid 3.8 per cent, according to the leading provider of financial markets data and infrastructure globally Refinitiv, an LSEG Business. The report also noted that IPOs alone grabbed as much as $9.1 billion of the deal value during the year.
Of the total, the financial creditors - banks, bond holders and other financial institutions - have claimed Rs 86,892 crore.
Justice Bharati Dangre granted them bail as the Enforcement Directorate failed to file its charge sheet in the case within the stipulated 60-day period.
Most banks led by the State Bank, have or are going to declare DHFL account as NPA in the third quarter.
The central government has agreed in-principle to Air India employees' main demands. It fears an industrial dissension now could impede the process of privatisation. It has agreed to bear the cost of liquidation loss on account of transfer to the Employees' Provident Fund Organisation (EPFO) from company-owned trusts, inclusion of employees in the central government health scheme (CGHS), and encashment of leaves. The template of the Air India process will be followed for other public sector undertakings up for privatisation at a later date.
The broader NSE Nifty too fell over 150 points to crack below the 10,400-mark as financials, IT and energy stocks declined.
Other than Kapoor, the complaint, running into more than 10,000 pages, named his wife, Bindu; three daughters Rakhee, Roshini, and Radha; and three firms, Morgan Credits, RAB Enterprises, and Doit Urban Ventures, allegedly controlled by them.
The verdict, upholding Centre's November 15, 2019, notification bringing personal guarantors of corporate debtors under the net of the IBC, assumes significance in view of the fact that various high-profile industrialists may now face insolvency proceedings along with their debt-ridden firms under the IBC.
The government on Friday notified the rules for insolvency and liquidation proceedings of financial service providers (FSPs). These rules, notified by the ministry of corporate affairs, will not be applicable to banks, reports Ruchika Chitravanshi.
New norms are in place to strengthen regulations for this set of lenders which has been playing a critical role in Asia's third largest economy, notes Tamal Bandyopadhyay.
Bankers said they are looking outside the bankruptcy courts and will be able to resolve a few debts in the power sector before January-end.
'We will be looking to prune our portfolio to make GIC Re a healthier entity.'
Reports suggest state-owned banks have lapped up Rs 40,000 crore, so far, using both bonds and equity instruments. The question, though, is whether there will be a perceptional change for PSB stocks.
The National Company Law Tribunal (NCLT) has approved the resolution plan of Twin Star Technologies -- a promoter entity of the Vedanta Resources group -- for the Videocon group. But it has pointed out that the successful resolution applicant is "paying almost nothing" as the amount offered is only 4.15 per cent of total outstanding claim. It noted the hair cut for all the creditors is 95.85 per cent and suggested to both committee of creditors (CoC) and the successful applicant an increase in the payout.
In absolute terms, the outstanding book value of NPAs of LIC in the debt portfolio across life, pension and unit-linked funds is to the tune of Rs 32,685.39 crore at the end of December 2019.
The stakeholders want protection from any litigation which might arise due to fresh claims against the company, especially after PE funds have bought stake in the company and the resolution plan has been cleared by the bankers.
Jhunjhunwala increases stake in DHFL, luggage maker VIP Industries and pharma major Lupin but is cautious on auto holding. At the end of the March quarter, Jhunjhunwala held positions in 29 firms.
From promoters losing their firms to consumers realising there are no free lunches, 2019 was a year of getting real,says Shailesh Dobhal.
Nomura analysts said the Reserve Bank of India and the government would need to segregate the potential solvency issue at DHFL from liquidity issues at other larger wholesale NBFCs and HFCs.
Kapoor, 62, and the Wadhawans were arrested by the agency in this case early this year and they are in judicial custody at present.
The government would be ironing out issues related to the controversial 'bail-in' clause in the earlier Bill, explore hiking the deposit insurance cover of customers, and decide whether the resolution framework should apply to public sector banks.
The ED, which is probing the DHFL promoters' role in financing funds to gangster Iqbal Memon (alias Iqbal Mirchi), said Kapil Wadhawan, former chairman and managing director of the debt-laden company, played a very crucial role in these "nefarious transactions" by way of money laundering.
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