DHFL

The Supreme Court has directed the CBI to file its response on the bail plea filed by businessman Ajay Ramesh Nawandar in a Rs 34,615-crore bank fraud case involving Dewan Housing Finance Limited (DHFL). A bench of Justices Vikram Nath and Prasanna B Varale has extended the interim protection granted to Nawandar to remain in hospital till October 14. "In the meantime, the respondent is directed to get the petitioner's eyes tested from a senior consultant at the Dr Rajendra Prasad Centre for Ophthalmic Sciences, AIIMS, New Delhi, and submit a report before the court on the said date. "The respondent (CBI) will also file its counter-affidavit or obtain instructions as it may feel appropriate on the main petition seeking bail," the bench has said. The top court was hearing Nawandar's plea challenging a May 31 order of the Delhi High Court that dismissed his bail petition. The high court had noted that the CBI has taken a serious and consistent stand that the applicant is an influenti

On June 5, the Delhi High Court sought a status report on the bail plea, which he sought on medical grounds. His bail plea was dismissed by the trial court

The CBI has arrested former DHFL Director Dheeraj Wadhawan in connection with the alleged defrauding of a 17-member lender bank consortium to the tune of Rs 34,000 crore, officials said Tuesday. Wadhawan, arrested from Mumbai on Monday night, was produced before a special court here which remanded him in judicial custody on Tuesday, they said. The former director of DHFL and his brother Kapil were earlier arrested in the case in on July 19, 2022, they said. The agency had filed a charge sheet against 75 entities including Kapil and Dheeraj on October 15, 2022. They were granted "statutory" bail from the special court on December 3, 2022, on the grounds that the investigation was incomplete and the charge sheet filed was piecemeal. This order was upheld by the Delhi High Court as well. The CBI had challenged the order in the Supreme Court, which set aside the bail orders noting that the Special Court as well as the High Court "committed serious error of law" in disregarding the leg

Markets regulator Sebi has ordered the attachment of bank accounts as well as shares and mutual fund holdings of Dheeraj Wadhawan and Kapil Wadhawan, the former promoters of Dewan Housing Finance Corp Ltd (DHFL), to recover dues totalling over Rs 22 lakh. This came after the brothers failed to pay the fine imposed on them by the Securities and Exchange Board of India (Sebi) in July last year in a case concerning the flouting of disclosure norms. In two separate attachment notices issued on Tuesday, the markets watchdog has ordered the attachment of bank, demat accounts, and mutual fund folios of the Wadhawans to recover the pending dues. The pending dues of Rs 10.6 lakh each from Wadhawans comprise the initial penalty amount, interest, and recovery cost, it added. In July 2023, the regulator imposed a penalty of Rs 10 lakh each on Wadhawans, who were promoters of DHFL (now known as Piramal Finance), for flouting disclosure norms. Kapil Wadhawan was the Chairman and MD of DHFL, whi

The court set aside the orders of the trial court and the Delhi High Court granting the brothers default or statutory bail

A bench of Justices Bela M Trivedi and S C Sharma said the Delhi High Court and the trial court committed an error in granting bail to Wadhawan brothers

Capital markets regulator Sebi on Thursday sent demand notices to Dheeraj Wadhawan and Kapil Wadhawan, the former promoters of Dewan Housing Finance Corp Ltd (DHFL), asking them to pay Rs 10.6 lakh each in a case concerning flouting of disclosure norms. Also, the regulator has warned them of arrest and attachment of assets as well as bank accounts if they fail to make the payment within 15 days, according to two separate notices. The demand notices came after the Wadhawans failed to pay the fine imposed on them by the Securities and Exchange Board of India (Sebi) in July 2023. The regulator imposed a fine of Rs 10 lakh each on Wadhawans, who were promoters of DHFL (now known as Piramal Finance), for flouting disclosure norms. Kapil Wadhawan was the Chairman and MD of DHFL, while Dheeraj Wadhawan is the brother of Kapil and was a non-executive director in the company. Both of them were on the board of DHFL. The order came after Sebi conducted an investigation into the transfer of .

The CBI on Tuesday assailed in the Supreme Court the statutory bail granted by courts below to former Dewan Housing Finance Corporation Limited (DHFL) promoters Kapil Wadhawan and his brother Dheeraj in connection with a multi-crore rupees bank loan scam case. A bench comprising Justices Bela M Trivedi and Satish Chandra Sharma was told by Additional Solicitor General (ASG) S V Raju, appearing for the CBI, that the charge sheet in the case was filed well within the 90 days statutory period and yet the statutory bail was granted to the accused. Under the Code of Criminal Procedure (CrPC), an accused becomes entitled for grant of statutory bail if the probe agency fails to file the charge sheet on conclusion of the investigation in a criminal case within 60 or 90 days period. In this case, the CBI filed the charge sheet on the 88th day after registration of the FIR and the trial court granted default bail to the accused and the Delhi High Court upheld the order, the law officer ...

The National Financial Reporting Authority (NFRA) has imposed penalties on 18 auditors and also debarred them for varying periods for lapses with respect to audits of various branches of housing finance company DHFL. Penalties totalling Rs 18 lakh or Rs 1 lakh each has been imposed on the auditors for their professional misconduct, according to 18 separate orders passed by the regulator. Also, they have been debarred for a period of six months to one year from "being appointed as an auditor or internal auditor or from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate". Out of the 18 auditors, 4 have been debarred for 6 months and the remaining 14 auditors have been restrained for 1 year. Following media reports of alleged siphoning of public money of around Rs 31,000 crore and the Enforcement Directorate's reported action in April 2020 on an alleged banking fraud of about Rs 3,700 crore by the

Capital market regulator Sebi on Wednesday imposed penalties totalling Rs 6 crore on 15 entities, including Kapil Wadhawan and Dheeraj Wadhawan, for flouting disclosure norms in the case of Deewan Housing Finance Corp Ltd (DHFL). Wadhawans are the former promoters of DHFL. The fines need to be paid jointly and severally within 45 days, the Securities and Exchange Board of India (Sebi) said in an order. In its 82-page order, Sebi said the promoters, including Kapil Wadhawan and Dheeraj Wadhawan, suppressed the names of three companies -- Hemisphere Infrastructure India, Galaxy Infraprojects and Developers, and Silicon First Realtors -- which were directly or indirectly being held by the promoters of DHFL. These three companies were shown as part of public shareholders instead of being part of the promoter and promoter group of DHFL. Sebi noted that the entities being promoter or promoter group and PACs (Persons Acting in Concert) having control over DHFL were under an obligation t

Rana Kapoor has been in jail since March 2020 in connection with the DHFL money laundering case

Capital markets regulator Sebi on Monday slapped fines totalling Rs 20 lakh on two former promoters of Dewan Housing Finance Corp Ltd (DHFL) for flouting disclosure norms. Individually, the regulator levied a penalty of Rs 10 lakh each on Kapil Wadhawan and Dheeraj Wadhawan, who were promoters of DHFL (now known as Piramal Finance). The order came after Sebi conducted an investigation into the transfer of shares held by DHFL in DHFL Pramerica Life Insurance (erstwhile DLF Pramerica Life Insurance) to its wholly-owned subsidiary DHFL Investments and other related transactions. The investigation period was from February-March 2017. In its 45-page order, Sebi's Adjudicating Officer Prasanta Mahapatra said, "I find that complete and adequate information was not disclosed to the shareholders of the company as observed from the postal ballot notice and draft share purchase agreement (SPA), which was the responsibility of the noticee (Kapil Wadhawan and Dheeraj Wadhawan)". The postal bal

Refusing to grant a stay on the notice, the tribunal pointed out that there was no urgency and asked the original matter to be heard as scheduled previously

Dheeraj Wadhawan, one of the promoters of DHFL currently in jail in a case pertaining to alleged fraud connected to Yes Bank, was denied medical bail by a special court which observed he had not paid Rs 24 lakh for police escort provided to him during his long hospitalisation. In his order of July 14, the details of which were made available on Monday, the special CBI judge MG Deshpande noted that the police had to knock the doors of the court to recover this amount. The judge said the illness for which medical bail has been sought doesn't require any long hospitalization or interim bail, adding that the gravity and magnitude of the alleged offence committed by the accused cannot be ignored. In his plea, Wadhwan sought medical bail on the grounds that he has serious heart related medical issues, citing he had suffered a massive heart attack at the age of 38 in January, 2018, which required emergency angioplasty in Switzerland. The court, however, said medical science was more advan

A special CBI court here has denied bail to Pune-based builder Avinash Bhosale in connection with a case pertaining to the Yes Bank-DHFL scam, saying the nation is the victim of cheating and criminal conspiracy. The court said that prima facie Bhosale's involvement in this serious economic offence is deep-rooted. While Special Judge M G Deshpande denied bail to Bhosale on June 23, the detailed order was available on Tuesday. The court said that Yes Bank's money, which is basically public money and the wealth of the nation, was usurped. The bank was cheated by wisely hatching criminal conspiracy by accused persons. Money of Yes Bank is the wealth of the Nation. Nation is victim of this offence of cheating and criminal conspiracy, the court said, declining to give relief to Bhosale. The special judge said that the way the fraud was committed, granting bail to the applicant (Bhosale) is not safe and there is every possibility of spoiling the case by tampering with the evidence and ..

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The Bombay High Court on Thursday refused to grant bail to Yes Bank founder Rana Kapoor in connection with the DHFL money laundering case, noting that he was one of main accused in the case and he faced a "serious charge" of having laundered public money. A single bench of Justice P D Naik in its order said Kapoor misused his official position to gain undue financial benefit for himself, his family members and associates. "He (Kapoor) is involved in bribery, corruption and money laundering activities. The proceeds of crime (POC) involved in this case are to the extent of Rs 5,333 crore. It is alleged that applicant had siphoned off huge amounts of POC out of India through his family group owned/controlled companies," the HC said. It added that around Rs 378 crore have been invested overseas and investigation in this is still on. The bench said it cannot ignore Kapoor's role in the crime, the magnitude and seriousness of the crime. "The allegations against the applicant is that the

Dismissing an appeal of the Enforcement Directorate, the Supreme Court on Monday ruled that the 60/90-day duration for the grant of default bail in a criminal case will include the remand period. A bench of Justices KM Joseph, Hrishikesh Roy and BV Nagarathna dismissed the appeal filed by the ED challenging the Bombay High Court order granting bail to former DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan in a Yes Bank money laundering case being probed by the agency. "The remand period will be calculated from the date, magistrate remand the accused. An accused becomes entitled to default bail if the charge sheet is not filed by 61st or 91st day of the remand period", the bench said. The three-judge bench answered the larger issue referred to it by a two-judge bench in 2021. It directed the pending petitions pertaining to the case be placed before a two-judge bench. The top court had on February 9, reserved its verdict on the appeal of ED. On February 23, 2021, the top court ha

Sebi on Friday revoked the securities market ban imposed on eight former promoter entities of Dewan Housing Finance Ltd (DHFL) in a case pertaining to alleged fraudulent financial transactions. Also, the regulator said the investigation in the matter had been completed and thereafter it initiated quasi-judicial proceedings against Kapil Wadhawan, Dheeraj Wadhawan, Rakesh Kumar Wadhawan and Sarang Wadhawan who were the other four former promoters of DHFL (now known as Piramal Finance). The eight former promoter entities are -- Aruna Wadhawan, Malti Wadhawan, Anu Wadhawan, Pooja Wadhawan, Wadhawan Holdings Pvt Ltd, Wadhawan Consolidated Holdings Pvt Ltd, Wadhawan Retail Venture Pvt Ltd and Wadhawan Global Capital Ltd (formerly known as Wadhawan Housing Pvt Ltd). The entities are collectively referred to as noticees. In its fresh order, Sebi's Whole Time Member Ashwani Bhatia said, "I note that the investigation in the matter has now been completed, and quasi-judicial proceedings are

After dilly-dallying for over two years, the IDBI Bank Ltd. has finally declared the DHFL promoters and siblings -- Kapil Wadhawan and Dheeraj Wadhawan -- as 'wilful defaulters'