DHFL FD Investors and NCD-holders Start Getting Their Repayment Proceeds as per Their Claims
Moneylife Digital Team 30 September 2021
In a huge relief for fixed deposit (FD) investors and non-convertible debenture (NCD)-holders of Dewan Housing Finance Corporation Ltd (DHFL), the repayment process has already started.
 
While many people have expressed their satisfaction at having received almost their full principal amount (those with invested amounts less than Rs2 lakh for NCDs) back, some were extremely disappointed and angry at having received only 23% to 46% of their principal amount back. Moneylife has been closely covering the insolvency proceedings of DHFL  since 2019 and it can be read here.
 
Catalyst Trusteeship Ltd, the debenture trustee for the DHFL bonds, which has been severely criticised for its total lack of interest and communication during the entire resolution process, has finally uploaded the latest status report in the smartroom portal.
 
The report says that the process of implementation of the resolution plan approved by the National Company Law Tribunal (NCLT) as per its order on 7th June, has started. Catalyst Trusteeship has been appointed as the Global Escrow Trustee to hold on trust, the settlement amount in the form of cash and debentures issued by Piramal Capital Housing Finance Company Ltd (PCHFL) and to arrange for payments to claimants. The payments are being made as per the said resolution plan to the debenture-holders as on 13 August 2021 (record date) and the FD holders.
 
DHFL NCD-holders:
The settlement consideration payable to debenture-holders are aggregated permanent account number (PAN)-wise under each series. The amount payable by cash is being credited to the bank account (linked to the demat account) of the first-holder and those payable by way of debentures issued by PCHFL is being credited to the demat accounts of the first-holder, as appearing in the list of debenture-holders as on 13th August.
 
DHFL FD investors:
The amount payable to FD-holders is being credited to their bank accounts as per details made available by DHFL.  However, in respect to those FD-holders, whose bank account details are not available with DHFL, are being paid by way of demand draft drawn on HDFC Bank Ltd and being sent to their registered address by speed post.
 
Meanwhile, the National Company Law Appellate Tribunal (NCLAT) has fixed the next date for the hearing of pending appeals, including those filed separately by FD-holders and Kapil Wadhawan (the erstwhile promoter of DHFL), on the resolution of DHFL to 17th November.
 
The appellate tribunal said all legal filing of documents should be completed by then. FD-holders have also filed an interim application with the Supreme Court.
 
Fresh cases of Uttar Pradesh State Power Sector Employees Trust and Uttar Pradesh Power Corporation Contributory Provident Fund Trust against DHFL were also taken up for admission by the appellate tribunal.
Comments
r_ashok41
6 days ago
making a whatsapp group is a great idea and somehow all individual investors have to appraise our FM and PM as to what is going on and how small investors voice is not being heard and given priority.
We need to send it to them
kavithajeyapalan
6 days ago
Nov 17 we expect the court hearing but didn’t get any news update reg that can any one explain
kavithajeyapalan
6 days ago
If we can make a group in WhatsApp and discuss what can be done… can anyone join
r_ashok41
2 weeks ago
These people are taking advantage of the small retain investors spread across india and cannot join together .IBC and NCLAT need to have a code clearly mentioned that small investors should be paid in full and not be governed by the big lenders voting and only after fulfilling it then big lenders should be taken care otherwise small retail investors will always get a raw deal.All of us need to join together and write to PM and also FM about this.What do people say .Maybe if in our group somebody is good in writing a letter then all of us can sign the petition .How do we do it if someone can use forum and sign with e mail and mobile no and it can be sent
devudear
2 weeks ago
Nclt team make us fool ,while taking vote they said all small investors whose deposit under 2 lac will get 100 percent but while given 23 percent
I think law & government both are for rich people .They are not worry about small investors.
r_ashok41
3 weeks ago
looks like catalyst trustee made a big money by collaborating with piramal group and may be other nclat/other people by fooling FD holders and ncd people by promising them.It would be good if govt probes into why small investors were not given all the amount and who got what.Also IBC needs to be strengthened in protecting the small investors which is not happening
samitntina
2 months ago
The FD depositors have been grossly shortchanged. 23% of the principle amount makes no sense. Forget interest on principle and the long time for the value to be recovered. In my case I waited for 10+ years and only got 23% of what I invested 10+ years ago. If I had invested in stocks or other high risk investments that would have been different. FD is by definition secure and we have no control over where the company had invested further. Extremely disappointed and feel cheated by the system and the powers to be who were to protect the small investors.
Ramesh Popat
2 months ago
i got 100% refund of NCDs.
kavithajeyapalan
Replied to Ramesh Popat comment 6 days ago
Good to hear
shripad024
2 months ago
Fd holder get cheated by DHFL. Their is no role of any fd holder in dhfl fraud but they get cheated by NCLAT and DHFL. Out of principal amount they only get 23% its very big loss of this poor people. At the time of filling the NCLT form they were promise to get full principal amount and actually they got 23%. Very big cheting
shripad024
2 months ago
Fd holder ?? ???? ????? ???? ?? ???? 23% principal amount ????? ?? ????? ??? ????? ?? ?? ??? ???? ??? ?? ?? ???? ??? ?? ???? ?????. ?? ?? ??? ?? ???????? ???? ?? ???? ????????? amount ????. ????? ????????? amount ???? ?? ???? ???? ?? ???? ??? ???? ???? ?? ?? ?? ?? ????? vointing ??? ?? ?? ???? ?? ??? ??? ??? ?? ???? ??? ???? ??? ???? ???? ???? ??
gslamba22
2 months ago
*Catalyst trustee role in this case has been suspicious ,doubtful and dishonest they were representing NCD holders but never Objected to such a wrongful NCLT judgement.... even I believe they were hand in glove with the other party and they' have got 100 cores as fee for their services but they never appealed in higher court for full amount for retail NCD holders Show's their intentions ..Always suspicious such trustee to be banned and case should be registered .... CBI enquiry should be Marked by govt as poor citizens have been badly effected whereas retail investors are treated as par with banks ......*
suklapunit21
2 months ago
Government and Piramal both have looten the FD holders this was not a big issue to pay FD holders but they have cheated FD holders even NCLAT and SC is also not listening to them.
tapankumarsanyal
2 months ago
How the FD holders of DHFL have been cheated, known to the everyone including AR of COC of DHFL! Now let us hope that the Appellate tribunal should give justice to the small investors who are basically retired and Senior citizens!!!
rbadvani54
2 months ago
Wadhwans rotting in jail, Piramals enjoying the spoils and FD holders begging on the street. Wah re resolution.
tapankumarsanyal
2 months ago
Statutory warning to the Senior Citizens not to invest any fund to Private organizations in spite of high rating by the credit rating agencies for high returns because any time you may loose your hard earned money due to various reasons including political interest!!
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