The administrator of the now-bankrupt Dewan Housing Finance Corporation Ltd. (DHFL) has filed an application in the NCLT against promoters Wadhawans, Inter-Corporate Deposit entities and others for fraudulent transactions worth Rs 2,150.84 crore during the company's stake sale in Pramerica Life Insurance Company Limited to DHFL Investments Limited and in respect of certain Inter-Corporate Deposits (ICD) given by the company to certain entities.
The fraud was unearthed in the transaction audit of the company done by Grant Thornton India LLP.
On the basis of the report filed by Grant Thornton, the administrator has filed an application against Kapil Wadhawan, Dheeraj Wadhawan, Aruna Wadhawan, Wadhawan Global Capital Limited, the ICD entities and certain other entities claiming the amount from them along with the interest for the remaining period.
As per the transaction auditor's report, 'the monetary impact of the concerned transactions covered under the application include -- Rs 1,864.84 crore, including principal of Rs 1,739.57 crore and accrued interest of Rs 125.27 crore, being the amount outstanding in the books of the company as on November 30, 2019, notional loss in interest of Rs 58.34 crore due to lower interest rate charged while giving ICDs and Rs 227.66 crore transferred in the form of ICDs and used to repay a promoter linked entity'.
As per the report prepared by the transaction auditor, the concerned transactions occurred during financial years 2016-17 to 2018-19.
"The Administrator has filed an application in respect of agreements executed at the time of selling the Company's stake in Pramerica Life insurance Company Limited (erstwhile DHFL Pramerica Life Insurance Limited) to DHFL Investments Limited and in respect of certain Inter-Corporate Deposits given by the company to certain entities (ICD entities) before the Mumbai bench of the National Company Law Tribunal under Section 45, Section 46, Section 49, Section 60(5) and Section 66 of the Code on October 05, 2020 against Kapil Wadhawan, Dheeraj Wadhawan, Aruna Wadhawan, Wadhawan Global Capital Limited, the ICD entities and certain other entities," said a regulatory filing.