Money & Banking

DHFL moves NCLT over disbursements for 2 SRA projects

Our Bureau Mumbai | Updated on September 28, 2020 Published on September 28, 2020

Transaction Auditor report had revealed monetary impact of ₹12,705.53 crore

With the report of the Transaction Auditor revealing a monetary impact of ₹12,705.53 crore, the Administrator of scam hit Dewan Housing Finance Corporation Ltd (DHFL) has filed an application in respect of disbursements made towards the development of two SRA (Slum Rehabilitation Authority) projects.

Also read: Forensic audit findings on DHFL

“Basis the investigation and observations of the Transaction Auditor, the Administrator has filed an application in respect of disbursements made towards the development of two SRA projects, before the Mumbai Bench of the National Company Law Tribunal … on September 27, 2020 against Kapil Wadhawan, Dheeraj Wadhawan, the developers and assignees of the SRA projects,” DHFL said in a regulatory filing on Monday.

“The Application is in relation to certain irregularities in loan disbursements towards development of SRA projects, undertaken by the company in the past,” it further said.

Also read: DHFL promoters barred from accessing securities market

As per the Transaction Auditor’s report shared with the Administrator, the monetary impact of the above transactions covered under the application amount to ₹12,705.53 crore (which includes principal of ₹10,979.50 crore and accrued interest of ₹1,726.03 crore), being the amount outstanding in the books of the company as on November 30, 2019, it further said, adding that the transactions occurred during financial years 2016-17 to 2018-19.

It also said that this is the second filing based on the report submitted by the Transaction Auditor and further filings may be undertaken, in due course.

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Published on September 28, 2020
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