DHFL's long-drawn journey to resolution: Here's the story so far

DHFL's fall not only exposed the chinks in Indian auditing firms, but also showed the flaws in rating companies, which gave it the highest rating

In January 2019, investigative news site Cobrapost shocked the Indian financial world with its expose that the promoters of DHFL, the Wadhawans, had siphoned off Rs 31,000 crore to various promoter entities through several shell companies.

The company’s initial reaction was to deny this, but as subsequent investigations showed, the Wadhawans not only stripped the housing finance company of cash, but the operation was run over years right under the noses of regulators and its auditors.

By the time the company was sent to the bankruptcy court in December 2019, it owed close to Rs 90,000 crore to several lenders, fixed deposit