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Countering DHFL promoter Kapil Wadhwan's settlement offer to an RBI administrator by transferring his rights in properties worth over Rs 43,000 crore, 63 Moons Technologies has served a cease and desist notice against any such move citing Madras High Court's injunction order barring the NBFC from selling, alienating or encumbering any asset.
63 Moons had filed civil and criminal cases against DHFL and Wadhawans, accusing them of fraud and siphoning off money. It had invested Rs 218 crore in non-convertible debentures issued by DHFL on an assurance of a high rate of interest of over 9 per cent per annum, but the troubled firm allegedly failed to make any payment after 2016-17.
In its plea before the courts, 63 moons had alleged that DHFL and Wadhwans "have siphoned off the public money and invested in Shell companies and tried to default the investors".
The Jailed promoter of crisis-hit DHFL, Kapil Wadhawan had offered his personal and family properties, which he claims are worth Rs 43,000 crore, for repayment of outstanding loans of lenders to the company. He wrote to RBI-appointed administrator R Subramaniakumar on October 17 saying his offer would ensure maximum value for the assets that have been put on the block to repay loans.
In a press release issued on Thursday, 63 Moons said it has sent a cease and desist notice to Kapil Wadhwan on Wednesday after coming to know of the "shocking" offer made by him despite a June 24 interim order which has been extended till November 23, the Madras High Court has said that Wadhwans cannot sell or encumber or deal with any of their assets.
Wadhwan's offer is "shocking" because there is an injunction regarding the same passed by the Madras High Court, the release said, asking for a probe on the assets in the settlement offer made to the RBI's administrator.
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"The very fact that Kapil Wadhwan has now declared such huge assets when, in fact, he has never disclosed previously any of this personal wealth, points to the fact that he has, in all probability, siphoned off this huge amount from DHFL and laundered it by projecting it as his or his family's property, 63 Moons said.
It said every investor, creditor and lender of DHFL has a right to know if the Wadhwans have moved attached DHFL properties into their personal names or if they have earlier refrained from disclosing certain high value assets to the law enforcement agencies and the judiciary.
It sought attachment of all assets of Kapil and Dheeraj Wadhawan and their family members and also of entities owned and controlled by them and their family members.
Citing a report by Grant Thornton which was commissioned by the resolution professional, which had found siphoning off of Rs 20,000 crore of lenders' money to promoters of DHFL or entities controlled by them, it said a custodial interrogation of the Wadhwans is necessary for understanding the same.
Currently under judicial custody, Wadhawan has proposed to the transfer of the right, title and interest in various projects which form part of the real estate portfolio of his family to enable proper and complete resolution of DHFL and to maximise the value of the properties.
The valuation of these projects, including Juhu Galli project and Irla project, is about Rs 43,879 crore that to at a 15 per cent lesser market value, the letter dated October 17 said.
Last week, Adani Group, Piramal Enterprises and two other entities placed bids for DHFL, the first financial services player undergoing insolvency process, according to sources.
The US-based Oaktree and Hong Kong-based SC Lowy submitted bids for DHFL on October 17, the last date to submit final bids, the sources said.
In November, the Reserve Bank referred DHFL, the third largest pure-play mortgage lender, to the National Company Law Tribunal (NCLT) for insolvency proceedings.
