BSE, NSE suspend trading in DHFL shares

The Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) have suspended the trading in equity shares of debt-ridden mortgage firm Dewan Housing Finance Corporation Limited (DHFL), the stock exchanges announced in respective circulars.

The ban will come into effect from June 14.

"Dewan Housing Finance Corporation Limited vide its announcement dated June 08, 2021, informed the Exchange regarding approval of the resolution plan by the Hon’ble National Company Law Tribunal (NCLT), Mumbai Bench which provides for delisting of equity shares of the Company," the circular read.

lso Read | NCLT approves Piramal Group's offer for DHFL on certain conditions

On June 7, the National Company Law Tribunal (NCLT) gave its approval to the Piramal Group's bid for bankrupt-DHFL, subject to certain conditions.

The tribunal's Mumbai bench, chaired by H P Chaturvedi and Ravikumar Duraisamy, said the approval is subject to the final judgement from the National Company Law Appellate Tribunal (NCLAT) and the Supreme Court's judgement on Kapil Wadhawan in the matter.

In its order, NCLT asked DHFL's Committee of Creditors (CoC) to consider giving more money to small fixed deposit holders under the approved resolution plan.

"We are not remanding the plan back to CoC, we respect their commercial wisdom," it said.

NCLT also rejected former DHFL promoter Kapil Wadhawan's plea to obtain access to a copy of the resolution plan.