DHFL Q2 Results: DELAYED! Dewan Housing Finance Corporation reveals reason

Dewan Housing Finance Corporation (DHFL) on Friday said there has been a delay in submitting results for the July-September period of FY2020-21 due to the coronavirus situation. The company is expected to submit the same by month end.

"In view of the COVID-19 pandemic situation, our offices are still working with thin strength, the company is not in a position to submit the audited standalone and consolidated financial statements for the second quarter/half year ended on September 30, 2020 within the time stipulated under regulation of Sebi," DHFL said in a regulatory filing. The company shall, however, ensure to submit the financial statements for the quarter and half year ended on September 30, 2020 on or before November 30, 2020, it added.

In a separate filing on the progress of the corporate resolution process, DHFL said the 12th meeting of the Committee of Creditors of the company (CoC) was convened on November 12, 2020 through video conferencing and was reconvened on November 13.

The matters that were discussed in the meeting were about update since the previous CoC meeting, discussion by the CoC on manner of distribution of proceeds and other resolution process related matter, said the non-banking financial company.

DHFL is the first financial services company which has been sent to NCLT under the insolvency and bankruptcy code (IBC).

The company is facing claims of Rs 87,031 crore from financial creditors.

Among the big lenders to the company include State Bank of India (including SBI Singapore) with Rs 10,083 crore exposure, Bank of India Rs 4,125 crore, Canara Bank Rs 2,681 crore, NHB Rs 2,434 crore, Union Bank of India Rs 2,378 crore, Syndicate Bank Rs 2,229 crore and Bank of Baroda Rs 2,075 crore, Indian Bank Rs 1,552 crore, Central Bank Rs 1,389 crore, IDBI Bank Rs 999 crore, and HDFC Bank Rs 361 crore.

DHFL had total assets amounting to Rs 79,800 crore as of March 2020, as per its annual report.

Adani Group, Piramal Enterprises, US-based Oaktree and Hong Kong-based SC Lowy are among the suitors who have submitted 10-70 per cent higher price for either a stake in the company or buying out some of its assets in a revised bids offer.