Dewan Housing Finance Corporation ( DHFL ) on Tuesday said that the company’s equity shares will be delisted from the stock exchanges post acquisition by Piramal Capital and Housing Finance, which has emerged as the successful bidder for the company.
”As part of the Resolution Plan, the equity shares of the Company are proposed to be delisted,” DHFL said in an exchange filing. The company also notified about the approval of resolution plan by the NCLT.
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The National Company Law Tribunal (NCLT) on Monday gave its approval to Piramal Group’s bid for bankrupt-DHFL, subject to certain conditions. The resolution plan had already received approvals from the Reserve Bank of India (RBI) and the Competition Commission of India (CCI).
In its order, NCLT asked DHFL’s Committee of Creditors (CoC) to consider giving more money to small fixed deposit holders under the approved resolution plan.
The tribunal’s Mumbai-bench, chaired by H P Chaturvedi and Ravikumar Duraisamy, said the approval is subject to the final judgement from the National Company Law Appellate Tribunal (NCLAT) and the Supreme Court’s judgement on Kapil Wadhawan in the matter.
NCLT also rejected former DHFL promoter Kapil Wadhawan’s plea to get access to a copy of the resolution plan.
Last month, the National Company Law Appellate Tribunal (NCLAT) stayed the NCLT Mumbai bench’s order, directing the lenders of debt-ridden mortgage firm DHFL to consider the settlement offer by its erstwhile promoter Kapil Wadhawan. The appellate tribunal also directed the NCLT to decide over the application filed by the administrator over the bid submitted by Piramal Capital and Housing Finance for the debt-ridden company.
Shares of DHFL were trading around 10% higher on the BSE in Tuesday’s early session at ₹22.85 per share.