Over the past two days, confused and angry DHFL investors were flooding social media with complaints of not receiving payments as per their claims. Many complained of having received a raw deal by receiving a far lower amount (compared to what they were anticipating).
Catalyst Trusteeship, the debenture trustee for Dewan Housing Finance Ltd (DHFL)’s non-convertible debentures (NCDs), has finally shared the reasoning for the basis of repayment of DHFL retail investors which includes NCDs (secured and non-secured) and fixed deposits (FDs).
Catalyst has claimed that the settlement of claims of NCD- and FD-holders of DHFL, as per NCLT order dated 7th June, has been calculated by advisors of committee of creditors (CoC). The broad principle of settlement of claims as per the order of NCLT, as calculated by advisors of CoC is given below.
However, investors are requested to refer to the information provided through the virtual data room (VDR) - smartroom portal from time to time. Secured NCD categorisation is done on the basis of the total investment of the first NCD-holder's (PAN) in a particular series.
Based on the total investment of the NCD-holder, across different series, the following treatment is accorded as per the approved distribution mechanism:
The payments have been made by credit to bank accounts and demat accounts, as case may be. In case bank account details are not available or incorrect, they are being paid by way of demand draft and being sent to their registered address, by speed post.
A special facility has been made available on website, from where NCD / FD-holders can get their settlement details. Investors can mention permanent account number (PAN) (for NCDs) and the customer ID (for FDs) and a one time password (OTP) will be generated and sent to the registered mobile number / email ID. Investors can check on link below: https://www.catalysttrustee.com/dhfl-ncd-recovery-details/
Catalyst Trusteeship has shown very little interest and a total lack of communication throughout the IBC proceedings of DHFL, irate investors said. The same thing is also happening with respect to the DS Kulkarni Developers (DSK) case. This makes Catalyst’s claims of “enhanced speed of ease of communication in default cases of debentures” appear laughable.
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...