Wadhwan offer to settle DHFL debt should not be accepted: 63 Moons

Our Bureau Mumbai | Updated on October 22, 2020

DHFL promoter Kapil Wadhwan’s offer to settle the claims by transferring his rights, title and interest in at least 10 projects valued at ₹43,879 crore, should not be accepted, according to 63 Moons Technologies.

“Since DHFL promoters’ assets are already attached by investigative agencies and there is an injunction regarding the same by the Madras High Court, this offer is shocking to say the least. The Wadhawan’s are restrained to sell/alienate or encumber even an inch of their assets,” 63 Moons said in a statement.

63 Moons had earlier filed a cheating case against Wadhwan. The Group had invested ₹200 crore in non-convertible debentures from DHFL, represented by the Wadhawan brothers, on an assurance made by them that they would give a high rate of interest at 9.05- 9.25per cent per annum. DHFL paid for the period 2016-2017 and then failed to pay.

Recently, Wadhawan had written to the administrator appointed by the Reserve Bank of India offering his rights, title and interest in projects towards the settlement. Read here: Kapil Wadhwan offers to settle all claims of DHFL; alleges ‘outside forces trying to depress DHFL asset value’

“The very fact that Kapil Wadhwan has now declared such huge assets when, in fact, he has never disclosed previously any of this personal wealth, points to the fact that he has, in all probability, siphoned off this huge amount from DHFL and laundered it by projecting it as his or his family’s property,” 63 Moons said.

Also read: ‘DHFL used 2.6 lakh fraud a/cs in fake branch to siphon funds’

“It is matter of huge concern for those who have lost their monies when newspapers report that out of the claims of ₹94,900 crore lenders may face a haircut of ₹65,000 crore since no bidder has offered more than ₹20,000 crore to acquire the crisis laden DHFL under the IBC,” it added.

Also read: DHFL lenders staring at ₹65,000-crore haircut

Published on October 22, 2020

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