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RBI Supersedes Board of Debt-ridden DHFL after Several Defaults, Places Firm under Administrator

The bank has appointed R Subramaniakumar, former managing director and chief executive officer of Indian Overseas Bank, as the new administrator of the DHFL with all the powers of the board.

News18.com

Updated:November 20, 2019, 9:37 PM IST
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RBI Supersedes Board of Debt-ridden DHFL after Several Defaults, Places Firm under Administrator
File photo of DHFL logo (Image : Reuters).

New Delhi: The Reserve Bank of India (RBI) on Wednesday superseded the board of the debt-ridden Dewan Housing Finance Limited (DHFL) due to governance concerns and defaults by the non-banking finance company. The company has been placed under an administrator.

A statement said the central bank would shortly refer DHFL for insolvency proceedings and its administrator will be the resolution professional for the company.

In the last Union Budget, the government had amended the RBI Act to empower the regulator to appoint an administrator.

The bank has appointed R Subramaniakumar, former managing director and chief executive officer of Indian Overseas Bank, as the new administrator of the DHFL with all the powers of the board.

Meanwhile, sebi Chairman Ajay Tyagi said mutual funds will join the resolution process of DHFL to be done under the insolvency law framework.

DHFL owes over Rs 38,000 crore to banks alone and has over Rs 85,000 crore liabilities in total, which it owes to banks, mutual funds, pension funds, National Housing Bank, depositors and others.

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