DHFL posts consolidated net loss of Rs 13,095cr in Q3FY21

DHFL posts consolidated net loss of Rs 13,095cr in Q3FY21

New Delhi: Dewan Housing Finance Corporation (DHFL) on Saturday posted a consolidated net loss of Rs 13,095.38 crore in the third quarter ended December 2020 against a net profit of Rs 934.31 crore in the year ago quarter.

Sequentially, the company witnessed widening of net loss from Rs 2,122.65 crore in the second quarter ended September 2020. Crisis-ridden DHFL, which is under the process of Corporate Insolvency Resolution Process (CRIP), under the provisions of Insolvency and Bankruptcy Code, 2016 said during this quarter, additional transaction amounting to Rs 1,039.84 crore is identified and reported by the company to stock exchanges and National Housing Bank (NHB).

The company has made provisions as per NHB guidelines on provisioning pertaining to fraud accounts.

The company, now being run by an RBI appointed administrator, is being investigated by the Ministry of Corporate Affairs from December 2019 through the Serious Fraud Investigation Office (SFIO) to look into affairs of the company.

Also, the Enforcement Directorate is also probing the company in connection with loans given by it to certain borrowers. The Central Bureau of Investigation has also initiated investigation in connection with certain loan granted by the company.

Apart from this CBI is also investigating into the matter of amounts invested by an Uttar Pradesh State Government entity – Provident Fund in the Fixed Deposits of the company.

“The company is fully cooperating with all the investigating agencies and providing the necessary information/data as and and when the same is sought,” DHFL said.

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