DHFL posts consolidated net loss of Rs 13,095 cr in Q3 FY21

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DHFL posts consolidated net loss of Rs 13,095cr in Q3FY21

Dewan Housing Finance Corporation (DHFL) on Saturday posted a consolidated net loss of Rs 13,095.38 crore in the third quarter ended December 2020 in opposition to a net revenue of Rs 934.31 crore in the 12 months in the past quarter. Sequentially, the corporate witnessed widening of net loss from Rs 2,122.65 crore in the second quarter ended September 2020.

Crisis-ridden DHFL, which is below the method of Corporate Insolvency Resolution Process (CRIP), below the provisions of Insolvency and Bankruptcy Code, 2016 stated throughout this quarter, further transaction amounting to Rs 1,039.84 crore is recognized and reported by the corporate to inventory exchanges and National Housing Bank (NHB).

The firm has made provisions as per NHB tips on provisioning pertaining to fraud accounts.

The firm, now being run by an RBI appointed administrator, is being investigated by the Ministry of Corporate Affairs from December 2019 by means of the Serious Fraud Investigation Office (SFIO) to look into affairs of the corporate.

Also, the Enforcement Directorate can also be probing the corporate in reference to loans given by it to sure debtors. The Central Bureau of Investigation has additionally initiated investigation in reference to sure mortgage granted by the corporate.

Apart from this CBI can also be investigating into the matter of quantities invested by an Uttar Pradesh State Government entity – Provident Fund in the Fixed Deposits of the corporate.

“The company is fully cooperating with all the investigating agencies and providing the necessary information/data as and and when the same is sought,” DHFL stated.

Company’s chartered accountants KK Mankeshwar & Co in its restricted evaluation report stated that the net price of the corporate is absolutely eroded rendering the corporate unable to adjust to the regulatory necessities of NHB in respect of the Net Owned Fund (NOF) and which additionally resulted in a number of contraventions of the provisions of NHB Act, 1987, Directions and Guidelines thereon.

“Although the aforesaid non-compliance may in ordinary course result in potential action against the company by NHB in this regard, we are not commenting on the same since the company is presently under moratorium imposed by the NCLT which prevents any actions against the company,” it stated.

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