Cobrapost claimed promoters of DHFL and their associate companies have committed a systemic fraud.
NEW DELHI: Shares of DHFL plunged 11 per cent in closing trade on Tuesday after Cobrapost, known for investigative journalism, alleged that promoters of the company siphoned off Rs 31,000 crore.
Cobrapost claimed primary promoters of DHFL and their associate companies have committed a systemic fraud in broad daylight to siphon off public money amounting to more than Rs 31,000 crore.
The scam, it said, has been pulled off mainly by sanctioning and disbursing astronomical amounts in secured and unsecured loans to dubious shell companies, related to DHFL’s own primary stakeholders. The stakeholders named in the report are Kapil Wadhawan, Aruna Wadhawan and Dheeraj Wadhawan.
The stock plunged 11 per cent to hit a low of Rs 164.50 on BSE. The scrip later pared some losses and settled at Rs 170.05, down 8.1 per cent.
By lending to shell companies, DHFL ensured that the recovery of such dubious loans is impossible since those companies or their directors themselves do not own any asset, Cobrapost said.
“Thus, the only losers in the entire process would be small public depositors, public sector banks such as State Bank of India and Bank of Baroda, which have exposures of over Rs 11,000 crore and Rs 4,000 crore, respectively, some foreign banks and public shareholders/investors of DHFL,” it said. DHFL clarification
Despite recent liquidity regime, DHFL as a responsible corporate has met all its obligations to the lenders and has paid back to them in excess of Rs 17,000 crore in the last three months. DHFL has a strong corporate governance regime and has received AAA credit rating from leading credit agencies. The company is fully tax compliant and its books are audited by global auditors.
DHFL and its group companies are confident of meeting any scrutiny on any aspect of our operations and will pursue these frivolous allegations to its logical conclusion.
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