Adani, Piramal among likely contenders for DHFL

Gautam Adani-led Group and the Piramal Group

New Delhi,  The Gautam Adani-led Group and the Piramal Group are among the major contenders for the crisis-hit Dewan Housing Finance Corporation (DHFL), sources said.

Further, Apollo is also said to be in the fray to take over the troubled company, after the Reserve Bank of India (RBI) on Wednesday said that it would initiate insolvency proceedings for the resolution of the company.

The RBI also superseded the Board of Directors of DHFL owing to governance concerns and defaults by DHFL in meeting various payment obligations.

The central bank also appointed R. Subramaniakumar, ex-MD and CEO of Indian Overseas Bank, as the administrator of DHFL under Section 45-IE (2) of the Reserve Bank of India Act, 1934.

With the RBI’s decision, DHFL is set to become the first non-banking financial company (NBFC) to be referred to the National Company Law Tribunal (NCLT) under new rules notified by the government.