A CBI team has taken DHFL promoters, Kapil and Dhiraj Wadhawan, into custody after Satara Police provided them with the requisite assistance.

The arrest procedures are going on.

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Earlier, Maharashtra Home Minister Anil Deshmukh on April 22 had said that the state police has written to both the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) intimating them that Kapil Wadhawan and Dheeraj Wadhawan along with their family members will be released from quarantine and the agencies could come and take necessary action against them.

The Wadhawan brothers are accused in multi-crore Dewan Housing Finance Limited (DHFL) scam and Yes Bank scam.

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23 members of the Wadhawan family were placed under institutional quarantine by the local police after they travelled to their farmhouse in Mahabaleshwar from Khandala amid the nationwide COVID-19 lockdown.

DHFL promoters Kapil and Dheeraj Wadhawan had not appeared before the Enforcement Directorate (ED) last month in connection with the probe against Yes Bank promoter Rana Kapoor and others for money laundering.

A CBI team has taken DHFL promoters, Kapil and Dhiraj Wadhawan, into custody after Satara Police provided them with the requisite assistance. The arrest procedures are going on.

A CBI team has taken DHFL promoters, Kapil and Dhiraj Wadhawan, into custody after Satara Police provided them with the requisite assistance. The arrest procedures are going on. Also read: Kim Jong Un's train possibly spotted in resort town; rumours surrounding his death continue Earlier, Maharashtra Home Minister Anil Deshmukh on April 22 had said that the state police has written to both the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) intimating them that Kapil Wadhawan and Dheeraj Wadhawan along with their family members will be released from quarantine and the agencies could come and take necessary action against them. The Wadhawan brothers are accused in multi-crore Dewan Housing Finance Limited (DHFL) scam and Yes Bank scam. Also read: Gujarat-based company develops reusable PPE kits 23 members of the Wadhawan family were placed under institutional quarantine by the local police after they travelled to their farmhouse in Mahabaleshwar from Khandala amid the nationwide COVID-19 lockdown. DHFL promoters Kapil and Dheeraj Wadhawan had not appeared before the Enforcement Directorate (ED) last month in connection with the probe against Yes Bank promoter Rana Kapoor and others for money laundering.

CBI takes DHFL promoters, Kapil and Dhiraj Wadhawan, into custody

One of India's biggest housing finance companies, Dewan Housing Finance Corp Ltd (DHFL), warned on Saturday that its financial situation was so grim that it may not survive.

The company said it was "undergoing substantial financial stress" and its ability to raise funds was "substantially impaired and the business has been brought to a standstill with there being minimal/virtually no disbursements."

"These developments may raise a significant doubt on the ability of the company to continue as a going concern," it said in notes accompanying results for the fourth quarter ending March 31, signed by Chairman and Managing Director Kapil Wadhawan.

DHFL posted a net loss of 22.23 billion rupees ($324.3 million) during the quarter compared with a profit of 1.34 billion rupees in the same period a year earlier.

DHFL separately announced on Saturday it had defaulted on interest payments worth 285.8 million rupees on non-convertible debentures, due on July 6 and July 8.

The results are the latest sign of stress in India's banking and shadow lending sectors. The nation's state-owned banks have been burdened with bad debts for several years.

Reforming and restructuring banks and shadow lenders so they can do more to finance economic growth is a major challenge for the government of Prime Minister Narendra Modi, who recently secured a second term in an election landslide.

India's economic growth slipped to 5.8% in the January-March quarter, the lowest quarterly figure in more than four years. DHFL said it was talking to bankers and other lenders on restructuring its borrowings, was in discussions over the sale of its retail and wholesale portfolio and had also had talks with a potential strategic partner to take a stake.

Provisions

"The ability of the company to continue as a going concern is predicated upon its ability to monetize its assets, secure funding from the bankers/investors, restructure its liabilities and recommence its operations," it said in the notes.

The results published late on Saturday were unaudited. It was not immediately clear why its auditors had not signed off.

The audit committee had asked the board to submit audited stand-alone and consolidated financial results by July 22. The firm previously said it had delayed announcing results for the year to March 31 due to "unforeseen operational engagements."

The reported loss was largely due to additional provisions related to an assessment of the fair value of its portfolio and for an expected credit loss, the firm said.

Two major credit rating agencies - ICRA, an affiliate of Moody's Investors Service, and Standard &amp; Poor's local unit Crisil - last month categorised DHFL's commercial paper at default levels for missing bond payments.

The shadow banking sector has been in turmoil since September as Infrastructure Leasing and Financial Services (IL&amp;FS), one India's largest non-banking financial firms, defaulted, sparking fear of contagion risk. IL&amp;FS' series of debt defaults last year showed much of the sector was highly leveraged.

The Reserve Bank of India, the country's central bank, is taking a more active role in scrutinising the sector. It said last month that the failure of a large non-banking financial company could cause as much damage as the collapse of a big bank.

Adding to concerns about bad debts, Allahabad Bank on Saturday became the second Indian state-owned bank this month to report a major alleged fraud by bankrupt steelmaker Bhushan Power &amp; Steel Ltd.

Last week, the government announced a fresh capital infusion of about $10 billion into state banks and credit guarantees to support shadow lenders. Tens of billions of dollars of taxpayers' money has gone to the banks in the past four years. ($1 = 68.5500 Indian rupees)

One of India's biggest housing finance companies, Dewan Housing Finance Corp Ltd (DHFL), warned on Saturday that its financial situation was so grim that it may not survive.

One of India's biggest housing finance companies, Dewan Housing Finance Corp Ltd (DHFL), warned on Saturday that its financial situation was so grim that it may not survive. The company said it was "undergoing substantial financial stress" and its ability to raise funds was "substantially impaired and the business has been brought to a standstill with there being minimal/virtually no disbursements." "These developments may raise a significant doubt on the ability of the company to continue as a going concern," it said in notes accompanying results for the fourth quarter ending March 31, signed by Chairman and Managing Director Kapil Wadhawan. DHFL posted a net loss of 22.23 billion rupees ($324.3 million) during the quarter compared with a profit of 1.34 billion rupees in the same period a year earlier. DHFL separately announced on Saturday it had defaulted on interest payments worth 285.8 million rupees on non-convertible debentures, due on July 6 and July 8. The results are the latest sign of stress in India's banking and shadow lending sectors. The nation's state-owned banks have been burdened with bad debts for several years. Reforming and restructuring banks and shadow lenders so they can do more to finance economic growth is a major challenge for the government of Prime Minister Narendra Modi, who recently secured a second term in an election landslide. India's economic growth slipped to 5.8% in the January-March quarter, the lowest quarterly figure in more than four years. DHFL said it was talking to bankers and other lenders on restructuring its borrowings, was in discussions over the sale of its retail and wholesale portfolio and had also had talks with a potential strategic partner to take a stake. Provisions "The ability of the company to continue as a going concern is predicated upon its ability to monetize its assets, secure funding from the bankers/investors, restructure its liabilities and recommence its operations," it said in the notes. The results published late on Saturday were unaudited. It was not immediately clear why its auditors had not signed off. The audit committee had asked the board to submit audited stand-alone and consolidated financial results by July 22. The firm previously said it had delayed announcing results for the year to March 31 due to "unforeseen operational engagements." The reported loss was largely due to additional provisions related to an assessment of the fair value of its portfolio and for an expected credit loss, the firm said. Two major credit rating agencies - ICRA, an affiliate of Moody's Investors Service, and Standard & Poor's local unit Crisil - last month categorised DHFL's commercial paper at default levels for missing bond payments. The shadow banking sector has been in turmoil since September as Infrastructure Leasing and Financial Services (IL&FS), one India's largest non-banking financial firms, defaulted, sparking fear of contagion risk. IL&FS' series of debt defaults last year showed much of the sector was highly leveraged. The Reserve Bank of India, the country's central bank, is taking a more active role in scrutinising the sector. It said last month that the failure of a large non-banking financial company could cause as much damage as the collapse of a big bank. Adding to concerns about bad debts, Allahabad Bank on Saturday became the second Indian state-owned bank this month to report a major alleged fraud by bankrupt steelmaker Bhushan Power & Steel Ltd. Last week, the government announced a fresh capital infusion of about $10 billion into state banks and credit guarantees to support shadow lenders. Tens of billions of dollars of taxpayers' money has gone to the banks in the past four years. ($1 = 68.5500 Indian rupees)

Indian housing lender DHFL warns it may not survive as a going concern

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CBI takes DHFL promoters, Kapil and Dhiraj Wadhawan, into custody

Indian housing lender DHFL warns it may not survive as a going concern