Delay in DHFL’s submission of unaudited Q1 results

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Published: August 17, 2019 12:56:02 AM

Only last week, the home loan financier informed it may not meet its upcoming payment obligations in the ‘immediate future’, even as it remains in discussions with lenders over a resolution plan.

The mortgage financier owes banks Rs 38,000 crore and bondholders an additional Rs 34,000 croreThe mortgage financier owes banks Rs 38,000 crore and bondholders an additional Rs 34,000 crore

Dewan Housing Finance Corporation (DHFL) on Friday informed of a delay in submission of its standalone and consolidated unaudited results for the quarter ended June. However, the company shall ensure submission of the results by September 14, the company said in a note to exchanges signed off by chairman and MD Kapil Wadhawan.

The Securities and Exchange Board of India’s (Sebi) regulations require listed entities to disclose reasons for delay in submission of financial results.

“…in view of the requirement of submission of the quarterly consolidated financial statements becoming applicable from the quarter ended on 30th June, 2019 requiring additional time and effort as also full time engagement of accounts and finance teams in various non-routine audits and the due diligence by various parties, the Company is not in a position to submit the Un-audited Standalone and Consolidated Financial Statements for the first quarter ended on 30th June, 2019 within the time stipulated.”

Only last week, the home loan financier informed it may not meet its upcoming payment obligations in the ‘immediate future’, even as it remains in discussions with lenders over a resolution plan.

The mortgage financier owes banks Rs 38,000 crore and bondholders an additional Rs 34,000 crore. Mutual funds have an exposure of Rs 2,200 crore to the company via non-convertible debentures and Rs 180 crore of commercial paper.

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