Releasing of all Fixed Deposits (FDs) stuck at DHFL on humanitarian grounds
- Target:
- Global Entrepreneurs
- Region:
- India
- Website:
- onceinabluemoon2021.in
Dewan Housing Finance Corporation Ltd. (DHFL) is a deposit-taking housing finance company, headquartered in Mumbai with branches in major cities across India.
In 2019, DHFL stopped payment of bonds and defaulted on its loan obligations. This caused its stock to fall over 97% and a government intervention in the company
In August 2019, as efforts to draft a resolution plan by restructuring DHFL debt into equity, a few of the DHFL bond holders moved to the debt recovery tribunal, which could impact the resolution process.[20] The company meanwhile offered to repay all investors in full with due process of inter-creditor-agreement.
In October 2019, the Enforcement Directorate conducted raids at several places of DHFL offices and promoter residences and found links of money laundering activity in loans given to firms closely linked to the promoters of the company.[22] Additionally the trail of the loan given by DHFL to Sunblink real estate in 2010 lead to gangster Iqbal Mirchi, an accomplice of the organized crime mastermind Dawood Ibrahim.
On 20 November 2019, under Section 45-IE (I) of the Reserve Bank of India Act, 1934, the Indian central bank removed the board of directors of Dewan Housing Finance Corporation Limited (DHFL). The reasons cited by the banking regulator for the dismissal of the DHFL board of directors were: inadequate governance and the various defaults on its payment obligations.
On 27 January 2020, the promoter of DHFL, Kapil Wadhawan was arrested under the Prevention of Money Laundering Act (PMLA). The arrest was connected to his firm's alleged involvement in providing loans to the organized criminal enterprise of Dawood Ibrahim. On 22 February 2020, the PMLA court granted bail to Kapil Wadhwan. The Bombay high court upheld the bail decision by PMLA court, rejecting Indian Enforcement Directorate requests to stay the bail application.
The ED has linked Yes Bank for various fraud and transactions amounting to 3700 crores as debentures in DHFL. The central bank appointed administrator at Dewan Housing Finance (DHFL) has ordered a transaction audit at the non-bank lender after allegations of money laundering surfaced in the aftermath of the regulatory action on Yes Bank.
Source: Wikipedia, the free Encyclopedia
TO
1. Mr. Gautam Adani,
Founder-Chairman, Adani Group
Adani House, Near Mithakhali Six Roads,
Navrangpura,
Ahmedabad – 380 009,
Gujarat, India
2. Mr. Ajay Piramal,
Chairman, Piramal Group
Piramal Enterprises Limited, Piramal Ananta,
Agastya Corporate Park, Opp. Fire Brigade,
Kamani Junction, LBS Marg, Kurla (West), Mumbai 400070,
Maharashtra, India
3. Mr. Howard Marks, Co-Chairman
Mr. Bruce Karsh, Co-Chairman and Chief Investment Officer,
Oaktree Capital
333 South Grand Ave., 28th Floor
Los Angeles, CA 90071
Sub: Releasing of all Fixed Deposits (FDs) stuck at DHFL on humanitarian grounds
Dear Sirs,
Hope you and your family members are safe and healthy.
We are writing this letter to you out of our utter despair, agony, anguish, and anxiety regarding our FD monies stuck at DHFL.
We have also approached the Honourable President of India (please find at the end of this mail the two URLs to our open letter to the President of India), appealing for the release of all our FDs stuck at DHFL due to the ongoing resolution process.
As many of us are pensioners, senior citizens, and persons with medical emergencies as well as ordinary citizens, it is very difficult for us to survive without our savings.
Therefore, we earnestly request you to relieve us from such “capital” punishment and repay all our lifetime of hard-earned savings in full by making provision over and above the resolution plan to make good the shortfall.
We believe this will put an end to ongoing litigation from FD holders' side.
In addition, it will spread positive news across the investors and more people will be attracted to invest even more in DHFL FDs.
Please consider our case on an emergency basis, or many of us will be no more due to the burden of such frustrating uncertainties.
We wish you and your family members a prosperous future in the days to come.
Our mass petitions to the Hon'ble President of India:
1. https://www.gopetition.com/petitions/an-urgent-appeal-to-the-president-of-india-fixed-deposit-holders-of-dhfl.html
2. https://www.gopetition.com/petitions/justice-for-the-dhfl-fixed-deposit-holders.html
You can further help this campaign by sponsoring it
The Releasing of all Fixed Deposits (FDs) stuck at DHFL on humanitarian grounds petition to Global Entrepreneurs was written by Debaprasad Bandyopadhyay and is in the category Justice at GoPetition.