BSE, NSE suspend trading of DHFL shares from June 14: Know why

The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) informed that DHFL will be suspended from buying and selling with result from June 14, that is closing hours of buying and selling on June eleven, 2021.

“Dewan Housing Finance Corporation Restricted vide its announcement dated June 08, 2021 informed the Exchange pertaining to acceptance of the resolution program by National Organization Law Tribunal (NCLT), Mumbai Bench which gives for delisting of fairness shares of the Organization. Additional, the Organization vide announcement dated June 9, 2021 said that no value was attributable to the fairness shares as for every the liquidation value of the Organization approximated by registered valuers appointed less than the Insolvency and Personal bankruptcy Board of India. Additional, Organization has also mentioned that the composed get of the NCLT approving the Resolution Strategy is however awaited and all disclosures produced keep on being subject to this sort of orders,” said both the exchanges in their respective circulars.

The advancement comes at a time when the DHFL scrip has hit consecutive decrease circuits on Thursday and Friday. DHFL scrip on NSE closed ten% decrease on Friday at Rs sixteen.70.

On Tuesday, generating an about-change, the Mumbai bench of the National Organization Law Tribunal (NCLT) chaired by HP Chaturvedi and Ravikumar Duraisamy, allowed Piramal Team to choose above DHFL less than the bankruptcy code for as lower as Rs 37,500 crore from a assert of shut to Rs 85,000 crore.

It had on May possibly 25 asked the committee of creditors to take into consideration the Wadhawans supply of shelling out back again virtually Rs ninety three,000 crore to the creditors and creditors, which was stayed by the NCLAT after the Pirmal group challenged it. But on Monday the bench cleared the Pirmal bid saying they highly regarded the business knowledge of the creditors and consequently also rejected the former DHFL promoters’ supply to pay back back again extra than 100 for every cent of the promises.

In November 2019, DHFL turned the initially NBFC to be referred for bankruptcy by the RBI.

Equity shares of Dewan Housing Finance Corporation Ltd will be delisted from the inventory exchanges going in advance, as component of the resolution program of Piramal Funds & Housing Finance Ltd.

“As component of the Resolution Strategy, the fairness shares of the Organization are proposed to be delisted. Correct disclosures in conditions of Regulation three(three) of the Securities and Exchange Board of India (Delisting of Equity Shares) Restrictions, 2009, shall be produced adhering to receipt of the copy of the Buy by the National Organization Law Tribunal approving the Resolution Strategy,” DHFL stated in a regulatory submitting.

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