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- DHFL Case Vs NCLT Update; FD Customers, Investors, Army Funds Will Get Payout
Mumbai2 minutes ago
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State Bank of India (SBI) has the highest loan of Rs 10,083 crore on DHFL. According to the annual report, DHFL had assets worth Rs 79,800 crore as of March 2020.
- NCLT itself approved the resolution plan of Piramal Group last week
The National Company Law Tribunal (NCLT) has placed several terms and conditions before Piramal Group, which bought DHFL. In this condition, it has been appealed to give one payout to all small investors including investors, FD customers. The NCLT itself had approved the resolution plan of Piramal Group last week.
NCLT has issued order
NCLT has issued an order. This order has been given to the Committee of Creditors of DHFL. Two weeks have been given time to think about it. It has been said in the order that the funds received by the committee of creditors from Piramal Group should be redistributed among small investors. In this case, the court has appointed former SEBI executive director Ashok Kaker as observer.
Group of seven members
Kaker has also been kept as an invitee by the court in the seven-member group. Among the other 6 members, 3 are from the banks while two are from the Piramal Group. The court said that it is not expected that the bidders who are there will increase their offers, but the creditors should think of giving higher payouts to the small investors. These small investors who should get payouts include public depositors, FD customers, NCD customers, small investors, EPF trusts and army group insurance funds.
Small investors should get payouts
We believe that small investors should get a fair payout, the order said. Also, in the case of Army Fund, the banks should make the full payout of whatever has been claimed. According to bankers, the rules are very clear in terms of providing payouts from the resolution plan. Banks say that whatever money they are going to get from the sale of DHFL is only a small part of their total dues and that money too belongs to the public.
37,259 crore bid
The Piramal Group had made an offer of Rs 37,250 crore to buy the entire business of DHFL. This also includes upfront cash of Rs 12,700 crore. The Committee of Creditors (CoC), Reserve Bank of India (RBI) and Competition Commission of India (CCI) have also approved the offer of Piramal Group.
83,873 crore was debt
As of July 2019, DHFL had a debt of Rs 83,873 crore. This includes money from banks, National Housing Board, mutual funds and bondholders. State Bank of India (SBI) has the highest loan of Rs 10,083 crore on DHFL. According to the annual report, DHFL had assets worth Rs 79,800 crore as of March 2020. Out of this, Rs 50,227 crore or 63% of the total portfolio has been declared as Non-Performing Assets (NPA).