The ministry of home affairs (MHA) has dispensed a viewpoint notice against DHFL promoters in an examination referring to shell companies.
The instruction has come on request of the Ministry of Corporate Affairs (MCA), which had earlier found shell companies associated with DHFL.
Shriram Subramanian, InGovern Research said, “this move could have been done probably much earlier because the fact is that the willful defaulters are promoters, who channeled bank funds to their own personal offshore funds and this has been going on for many years now, probably 10 years or more.”
He also said, “The previous government took charge in 2014. It should have tightened the norms and the list of wilful defaulters from that perspective was very small. Only now the CIC has asked RBI to release the list of wilful defaulters. Even the IBC process is slow.”
The DHFL stock has lost 82 percent of its market value in last one year, having eroded 54 percent of investor wealth this year alone. On Tuesday, the scrip traded 3.57 percent lower at Rs 114.80.
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