(File photo)
MUMBAI: US-based private equity fund manager Oaktree Capital Management has emerged the highest bidder for Dewan Housing Finance (DHFL) in the latest round of the race to acquire the troubled company. However, Piramal Group has offered the highest amount upfront. Adani Group, which triggered the fourth round of bidding with an out-of-turn offer for the whole company, has taken a step back by quoting the lowest of the three.
A senior banker told TOI that a decision would be taken based on the net present value of the bids and the guarantees in respect of future payments. A large chunk of the upfront cash being offered by the bidders is the free cash lying with DHFL. Oaktree is understood to have bid over Rs 36,600 crore, with upfront cash of Rs 11,500 crore. This would include DHFL’s free cash, interest earnings and proceeds of the sale of its life insurance business.
DHFL Case: Grant Thornton report flags fraudulent transactions of Rs 1,058 crore
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Last Updated: Dec 14, 2020, 06:37 AM IST
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The company, which is now being run under an administrator, had engaged Grant Thornton earlier this year to conduct an investigation into the affairs of the mortgage lender.
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New Delhi: Crisis-ridden non-banking finance company
DHFL on Sunday said fraudulent transactions of Rs 1,058.32 crore by way of undervaluation, fraud and preferential treatment to certain entities have been detected by transaction auditor Grant Thornton (GT). The company is undergoing resolution process under the Insolvency and Bankruptcy Code (IBC).
The company, which is now being run under an administrator, had engaged Grant Thornton earlier this year to conduct an investigation into the affairs of the mortgage lender.
DHFL Case: Latest Grant Thornton report flags fraudulent transactions of Rs 1,058 crore financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
DHFL reports new loan fraud of ₹1,058 cr
December 13, 2020
× Troubled Dewan Housing Finance Corporation Ltd (DHFL) reported a fresh fraud of ₹1,058.32 crore based on an additional report filed by Grant Thornton.
“The preliminary estimation included in all the three applications combined, places the monetary impact of the concerned transactions at approximately ₹1,058.32 crore (which includes ₹18.47 crore towards notional loss of interest on account of charging lower rate of interest),” DHFL said in a regulatory filing on Sunday.
Based on the report by Grant Thornton, which is the transaction auditor, the Administrator of DHFL has filed three applications before the Mumbai bench of the National Company Law Tribunal on December 12, the company further said.