Bidders formed cartel to restrict DHFL auction: Adani

Adani claims bidders formed 'cartel' to restrict DHFL auction process: Report

Dewan Housing Finance Corporation Ltd. (DHFL) logo. Credit: Reuters Photo

After putting fresh bids for the troubled non-banking finance company Dewan Housing Finance Corporation (DHFL), the Adani Group on Friday accused that the other bidders of forming a 'cartel' to restrict full and fair competition in the auction process.

The multinational conglomerate, in communication to DHFL's administrator, said that it had followed the due process in the auction and made the highest offer for the company so that the lenders get the highest value for the assets, according to a report Business Standard.

Also read — Adani's surprise bid sparks new auction for DHFL: Report

Tycoon Gautam Adani, on November 25, narrowly outbid US-based Oaktree with Rs 95,000 crore bid for insolvent housing lender DHFL. The other companies accused that the bid by Adani was submitted late and cheekily expanded on its original plan. 

The four companies in line to buy stakes in DHFL are US-based Oaktree, Piramal Group, Adani Enterprises Hong Kong’s SC Lowy.

DHFL, which was once one of India's top "shadow" lenders, accumulated total debts of almost Rs 1 lakh crore and then failed to honour dues to its creditors.