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.
2 weeks 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 weeks ago
i got 100% refund of NCDs.
2 weeks 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
2 weeks ago
Fd holder ?? ???? ????? ???? ?? ???? 23% principal amount ????? ?? ????? ??? ????? ?? ?? ??? ???? ??? ?? ?? ???? ??? ?? ???? ?????. ?? ?? ??? ?? ???????? ???? ?? ???? ????????? amount ????. ????? ????????? amount ???? ?? ???? ???? ?? ???? ??? ???? ???? ?? ?? ?? ?? ????? vointing ??? ?? ?? ???? ?? ??? ??? ??? ?? ???? ??? ???? ??? ???? ???? ???? ??
2 weeks 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 ......*
2 weeks 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.
2 weeks 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!!!
2 weeks ago
Wadhwans rotting in jail, Piramals enjoying the spoils and FD holders begging on the street. Wah re resolution.
2 weeks 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!!
2 weeks ago
Irony is if you have invested 2 lakh in Sec.NCD you will get full 2 lakh back but if it is 2.1lakh the return amount would be 1 lakh only. The mechanism should be like slabs as we have for income tax. All would get 2 lakh atleast and than the remaining amount, one should get slab wise return
Replied to atit9909005363 comment 2 weeks ago
Even in income tax we have a clause of rebate under section 87A, where a person below 500000 literally has zero income tax and even if you go even 1 rupee above 500000 you pay 12500 tax plus cess
2 weeks ago
I hope the Wadhawans and their whole clan rots in jail and then in hell for cheating people of their life savings. The collective curse of so many people will not go in vain.
2 weeks ago
Dear, any news regarding equity share holder trap in DHFL. PLEASE GUIDE.
Replied to shikharras2001 comment 2 weeks ago
Completely wiped out. It is delisted and has zero value .today
2 weeks ago
Iam a army veteran with 25% of my retirement benefits in DHFL fdr. Unbearable loss of hard earned money. Piramals should be more considerate. Wonder why FDs can't be insured like bank deposits ? Black day for fd holders.
2 weeks ago
The refund policy fixed by NCLT is not at all acceptable. Why only full refund for investment of 2 lakhs is considered?. What is the difference between an investor who has invested 2 laks and 2.05 laks. This resolution is a complete eye wash. From my savings of 5 laks after paying income tax invested in DHFL NCD, I'm getting refund of only 1.75 laks?. WHAT JUSTICE IS THIS. I need my full principal amount refunded. Please let me know how to take this up to the court to file case against such frauds. Thanks
Replied to anil123r comment 2 weeks ago
Illogical equating retail investors in NCDs/Fds & institutional lenders in distribution .All retail investors should challenge the decision.
2 weeks ago
I am retired person. I invested my hard earned in DHFL - FD for 5 lacs. I got 1.22 lac as repayment. I am very much disappointed. Piramal Gr & DHFL requested to protect atleast principal amt.
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