An initial audit carried out on bankrupt Dewan Housing Finance Limited (DHFL) has found over Rs 17,000 crore were siphoned off from its accounts between 2006 and 2019. The forensic audit was initiated by DHFL's Administrator R Subramaniakumar, who engaged Grant Thornton to conduct an investigation of the company's books.
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Lenders of DHFL have now filed an application in respect of disbursements made to certain entities referred to as the "Bandra Books Entities", before the Mumbai bench of the National Company Law Tribunal (NCLT).
The NCLT application was filed by the Administrator on the basis of the initial findings of the audit report, against 87 respondents including Kapil Wadhawan, Dheeraj Wadhawan, Township Developers India, Wadhawan Holdings, Dheeraj Township Developers, Wadhawan Consolidated Holdings, Wadhawan Global Hotels & Resorts, Wadhawan Lifestyle Retail.
"It is to be noted that this is an initial filing based on the report submitted by the transaction auditor and further filings may be undertaken, in due course," the company said in its exchange notification.
As per the auditor report, the monetary impact of the above transactions covered under the Application amount to Rs 14,046 crore outstanding in the books of the company as on June 30, 2019.
Further, another Rs 3,348 crore is considered as due and outstanding towards notional loss to DHFL on account of fraudulently charging lower rate of interest to certain entities referred to in the Application as the Bandra Book Entities, the notification said.
Lenders are therefore seeking the entire Rs 17,394 crore monetary impact, along with interest for the relevant period from the entities involved, the notice said.
Several lenders including State Bank of India, Punjab National Bank, Union Bank of India, Indian Bank, Punjab & Sind Bank have already reported DHFL as a fraud account. It is the first financial services company to be admitted into NCLT under the Insolvency and Bankruptcy Code for resolution under the newly introduced Section 227 of the IBC. Financial creditors alone have made claims of over Rs 86,892 crore against the company under NCLT.