DHFL Says Q2 Results Delayed Due To Covid-19, Updates On IBC Status
DHFL logo seen through a tyre. (Source: BloombergQuint) 

DHFL Says Q2 Results Delayed Due To Covid-19, Updates On IBC Status

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Dewan Housing Finance Corp. Ltd. has cited the Covid-19 pandemic as reason for the delay in announcing its September quarter results but assured that it would submit the financial statements by the end of November.

"In view of the Covid-19 pandemic, our offices are still working with thin strength,” DHFL said in an exchange filing on Friday. “The company is not in a position to submit the audited standalone and consolidated financial statements for second quarter/half year ended Sept. 30, 2020, within the time stipulated under SEBI’s regulations.”

“The company, however, ensures that it will submit the financial statements before Nov. 30,” the exchange filing stated.

In a separate filing, DHFL updated the stock exchange on the progress of its corporate resolution process. The 12th meeting of its committee of creditors took place on Nov. 12-13 via video-conferencing. The lenders discussed distribution of proceeds as well as other resolution-related matters, the company stated.

DHFL is the first financial services company to be sent to the National Company Law Tribunal under the Insolvency and Bankruptcy Code. Adani Group, Piramal Enterprises, U.S.-based Oaktree Capital and Hong Kong-based SC Lowy are among the suitors who have submitted 10-70% higher price for either a stake in the company or buying out some of its assets in a revised bids offer.

The company is facing claims of Rs 87,031 crore from financial creditors. It had total assets amounting to Rs 79,800 crore as of March 31, 2020, as per its annual report.

On Friday, DHFL shares fell 1.46% to Rs 16.85 apiece on the NSE while the benchmark Nifty 50 gained 0.23% to end the day at 12,719.95 points.

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