Business Companies 16 Jul 2019 DHFL shares crash 28 ...

DHFL shares crash 28 per cent

FC INVESTIGATIVE BUREAU
Published Jul 16, 2019, 1:16 am IST
Updated Jul 16, 2019, 1:16 am IST
The company said due to a significant slowdown in disbursement and loan growth post September 2018.
Further, DHFL said the sectorial stress is well-known for months, the company has withstood intense pressure and continues to remain strong and solvent.
 Further, DHFL said the sectorial stress is well-known for months, the company has withstood intense pressure and continues to remain strong and solvent.

Mumbai: The troubled home finance company DHFL on Monday said it is working with stakeholders and creditors to ensure resolution of liquidity issues, without any hair cut to the lenders, even as its stock plunged 28.10 per cent at Rs 49.20 on the BSE.

"We are closely working with the stakeholders/creditors to ensure that there is a comprehensive resolution, without any hair cut to the lenders, as has been speculated by few sections of the media," DHFL said in a regulatory filing.

 

Further, DHFL said the sectorial stress is well-known for months, the company has withstood intense pressure and continues to remain strong and solvent.
DHFL on Saturday reported a loss of Rs 2,223 crore for the March quarter of 2018-19. It had a net profit of Rs 134 crore for the year-ago period.

The auditors have reportedly sought additional information on the company's financials under Section 143 of the Companies Act, 2013, which pertains to powers and duties of auditors and auditing standards. Deloitte Haskins and Chaturvedi & Shah are the auditors of the company.

In the regulatory filing, DHFL said it has cleared significant amount of obligation to the tune of Rs 41,800 crore since September 2018.

"Since the last nine months, with single minded focus, we have met all our financial obligations and are looking to return to business normalcy at the earliest.

Since September 2018, DHFL has managed to make repayments of over Rs 41,800 crore primarily through securitisation of assets and repayment collections," Kapil Wadhawan, Chairman and Managing Director, DHFL, said.

The company said due to a significant slowdown in disbursement and loan growth post September 2018, the financials of the firm have been strained for the quarter impacting the overall performance of the year.

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