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These institutional lenders want Wadhawans, the promoter group, to arrange funds in the light of the findings of the forensic audit conducted by a Big4 firm. The MFs will soon raise the issue in the three-member committee formed by the Reserve Bank.
Many fund houses having exposure to Dewan Housing Finance Corp Ltd (DHFLNSE -1.35 %) are keen to turn the heat on the promoters of the crippled mortgage lender.
These institutional lenders want Wadhawans, the promoter group, to arrange funds in the light of the findings of the forensic audit conducted by a Big4 firm.
The mutual funds (MFs) will soon raise the issue in the three-member committee formed by the Reserve Bank of India (RBI) to help the administrator in recovering about Rs 84,000 crore that DHFL owes to the system. One of the members is a senior office bearer of AMFI, the MF industry lobby.
“We will ask for the forensic audit from the banks. We have not seen it. According to media reports, the audit indicates gaps in the balance sheet. Based on the forensic findings, we would suggest appropriate action to recover money — even if it means filing a complaint with an enforcement agency,” CEO of one of the mutual funds told ET.
According to him, fund houses would also insist that while meeting the claims of retail investors, DHFL must refrain from paying retail investors in advance and should only release payments in cases where the investments have matured. “We want a fair waterfall mechanism in the debt resolution process,” said the person. As of July 2019, DHFL owed a little less than Rs 84,000 crore to banks, MFs, insurers, provident funds and bond holders, including retail investors. Of this, unsecured debt is less than Rs 10,000 crore.
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