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IDBI Bank is planning to set off accumulated losses of about Rs 44,500 crore against the balance standing to the credit of the Securities Premium Account (SPA) after the declaration of its fourth quarter (Q4FY21) financial results. According to the Draft Scheme for setting off accumulated losses as on April 01, 2021 against SPA, this balance sheet neutral exercise of re-arrangement of liabilities will enable the bank to represent its true financial position. It will also help the bank to raise resources via AT (Additional Tier) 1 Bonds in the near future as it will become eligible to make coupon payments. Further, this will place the bank in a better position to achieve its turnaround plan (including coming out of the so-called prompt corrective action/PCA) in a time-bound manner. The bank would also be able to pay the dividend as per the applicable provisions within a reasonable time-frame. ....
Finance > Banks & institutions > Companies (banking) > RBI RBI clears Piramal Group s takeover plan for DHFL 19 February 2021 Reserve Bank of India (RBI) is reported to have cleared Piramal Capital and Housing Finance Limited’s (PCHFL) proposal to acquire bankrupt Dewan Housing Finance Limited (DHFL), as proposed by the committee of creditors (CoC). RBI gave its go-ahead for the deal earlier this week, clearing Piramal Capital and Housing Finance under the “fit and proper” criteria required for the acquisition. However, RBI turned down a request by PCHFL, a non-deposit taking NBFC, to get converted into a deposit-taking NBFC. RBI’s nod brings Piramal Group one step closer to the acquisition of DHFL, pending the final clearance from the National Company Law Tribunal (NCLT). ....
DHFL Bidding: Creditors Declare Piramal Group Successful Bidder moneycontrol.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneycontrol.com Daily Mail and Mail on Sunday newspapers.
DHFL resolution: Lenders approve Piramal s bid SECTIONS Last Updated: Jan 17, 2021, 07:38 PM IST Share Synopsis The resolution plan submitted by Piramal Capital and Housing Finance Limited was duly approved by CoC by majority voting under section 30(4) of the Insolvency & Bankruptcy Code..as the successful resolution plan, it said. Agencies DHFL was the first finance company to be referred to NCLT by the RBI using special powers under Section 227 of the IBC. NEW DELHI: Debt-ridden mortgage lender This was approved by the CoC in its 18th meeting concluded on January 15, 2021, DHFL said in a regulatory filing. The resolution plan submitted by Piramal Capital and Housing Finance Limited was duly approved by CoC by majority voting under section 30(4) of the Insolvency & Bankruptcy Code..as the successful resolution plan, it said. ....