Piramal contests US-based Oaktree Capital's offer for bankrupt DHFL

The tier I capital of DHFL has already been completely written off and the existing lenders will be taking a substantial write-down on their loans

The possible acquisition of Dewan Housing Finance Corporation (DHFL) by US-based Oaktree Capital will not be able to meet the capital adequacy norms prescribed by the National Housing Board (NHB) and the Reserve Bank of India (RBI), Ajay Piramal, chairman of the Piramal group, has written to the central bank.

The scathing letter comes days before the lenders vote on the resolution plans submitted by Oaktree, Piramal, and the Adani group for the failed housing finance company. While Oaktree has proposed to keep DHFL as a standalone entity, Piramal plans to merge it with its financial services business, boosting the equity