The National Company Law Appellate Tribunal (NCLAT) has refused to grant a stay on the implementation on Piramal Capital and Housing Finance Ltd's resolution plan for troubled mortgage lender Dewan Housing Finance Ltd (DHFL). Mumbai-based financial services company 63 moons technologies Ltd...

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The Union government says Justice (Retd) RM Lodha committee appointed by the Supreme Court had received about 1.50 crore claim applications from investors of PACL Ltd and is refunding money phase-wise and claim amount-wise depending upon the corpus available.   Responding to a...

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Market regulator Securities and Exchange Board of India (SEBI) has barred Global Infratech and Finance Ltd (GIFL), the company directors and 12 other individuals from the securities market for their roles in a fraudulent scheme of trading in the firm's shares.   The company (GIFL) and...

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On Saturday, LIC Housing Finance (LICHFL) issued a clarification regarding its preferential issue proposal claiming there is no violation of the provisions of the Articles of Association (AOA).   Despite this, LIC Housing Finance Limited has been denied permission to release the...

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Keeping the government's plan to come up with the mega initial public offer (IPO) of insurance major, Life Insurance Corporation of India (LIC) in the ongoing financial year intact, the Cabinet committee of economic affairs (CCEA) has given in-principle approval to the IPO.   A top...

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The latest resolution proposing higher payouts to unsecured creditors including Axis Bank, Yes Bank and L&T Finance has been vehemently rejected by the committee of creditors (CoC) of Dewan Housing Finance Ltd (DHFL). From the copy of the results Moneylife has accessed in the Smartroom...

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For a majority of investors, once they invest their hard-earned money, there is no guarantee that they would receive good returns. In fact, many struggle to even get their principal (investment) amount itself from the entity. Here is an inspiring story of a small group of investors, who...

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The committee of creditors (CoC) of Dewan Housing Finance Corporation Ltd (DHFL) has started a new round of voting on yet another proposed new distribution mechanism. The latest round of voting started at 8am on  Wednesday (7th July) morning and will end at 5pm on Thursday (8th July)...

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Capital market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty on IL&FS Securities Services Ltd (ISSL) and Allied Financial Services Pvt Ltd (AFSPL) over their involvement in fraudulent transfer of mutual fund (MF) units from the client's accounts. SEBI has...

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Investment advisors cannot manage funds as well as securities on behalf of their clients and should not contemplate about asking power of attorney in this regard, the Securities and Exchange Board of India (SEBI) has clarified. Investment advisors can only provide investment advice to...

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Catalyst Trusteeship, the debenture trustee for non-convertible bonds (NCDs) issued by two Srei group companies has sent an email to all NCD holders late last night. The mail is seeking the consent of debenture holders for voting (on their behalf) in favour of or against the ‘scheme of...

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The Mumbai bench of the National Company Law Tribunal (NCLT) has directed Reliance Home Finance Ltd (RHFL) to refund to 18,959 debenture holders money they had invested along with interest within the next five months.   The NCLT order, which comes as a relief for hapless bondholders,...

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A public interest litigation (PIL) filed against the Securities and Exchange Board of India (SEBI) in the Dewan Housing Finance Ltd (DHFL) matter came up before the bench of chief justice Sanjib Banerjee and justice Senthilkumar Ramamoorthy of the Madras High Court (HC) on Tuesday. The Madras...

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The committee of creditors (CoC) of the beleaguered Dewan Housing Finance Ltd (DHFL) has voted against a proposal that sought to increase payouts to fixed depositors and non-convertible debenture(NCD) holders in the company. A proposal to repay the Rs39 crore claim by the Army Group Insurance...

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In a relief for PNB Housing Finance, the Securities Appellate Tribunal (SAT) has allowed voting by its shareholders on the proposed preferential issue worth Rs4,000 crore to entities led by The Carlyle Group Inc.   The extra-ordinary general meeting (EGM) of the company is scheduled...

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In a significant ruling granting major relief to all the housewives in the country, the Income Tax Appellate Tribunal (ITAT), Agra bench consisting of Judicial Member Lalit Kumar and the Accountant Member Dr Mitha Lal Meena has ruled that cash deposit made by the housewives during the...

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Updated at 10.30 am on 22 June 2021 to add clarification from Catalyst Trusteeship   Lenders to DHFL are now voting on the revised distribution mechanism which seeks to allocate higher sums to small investors in fixed deposit and also full repayment for retirement funds related to...

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Domestic stock exchange BSE has crossed the milestone of 7 crore registered users based on Unique Client Code (UCC) on Monday (June 7).   The exchange also completed the journey from 6 crore to 7 crore users in just 139 days, as compared to 241, 652 and 939 days needed for the...

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Quite a difficult task, actually.   My neighbour’s son, age 30, has asked me to help him choose a ‘good’ insurance plan. He is particularly interested in an investment-linked insurance plan with ‘double benefit’ – insurance cover, plus safe investment, which would generate a nice...

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One of the chilling side effects of the COVID pandemic, especially its second wave, is that it has given a free pass to the government and its regulators on redress for victims of financial fraud.    People with ‘safe’ investments in bonds and non-convertible debentures (NCDs) watched...

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