Corporate affairs ministry initiates inquiry into DHFL's alleged Rs 31,000-cr fund diversion; set to seek info from company

January 31, 2019 Firstpost

The corporate affairs ministry has started inquiring into allegations of DHFL diverting Rs 31,000-crore loans and would seek more information from the housing finance firm, a senior official said.
Dewan Housing Finance Corporation Ltd (DHFL) is in the eye of a storm after a report that the company through layers of shell companies allegedly siphoned off Rs 31,000 crore out of the total bank loans of Rs 97,000 crore.
According to an exposé by portal Cobrapost, DHFL allegedly diverted Rs 31,000 crore of loans raised from state-owned banks but the company had termed the report as mischievous with a mala fide intention.
Following the report this week, the Registrar of Companies (RoC), Mumbai, has started looking into the matter. It also plans to seek certain information from the company, the official said.
The official said that certain offices that were reported as shell companies "were not found at their (given) addresses".
"We have started verifying them and we did a few yesterday (on Wednesday). Some of them were not even found at their addresses... we will also call for information from DHFL," the official added.
Further, the official said the matter is at a preliminary stage and that depending on the findings, there might be eventually an inspection also.
In a clarification to the exchanges, DHFL said it has not received any communication from the corporate affairs ministry "in relation to any probe against the company".
Under the companies law, the ministry has powers to take various actions against companies in case of suspected violations, including inspection of the books of accounts.
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