DHFL retail investor moves NCLAT against delisting of shares

“The respondents both solely or collectively have failed to tell and procure the consent of the appellant concerning the acquisition of the fairness shares held by shareholders in firm at Rs ‘Zero’ beneath the decision plan, by means of discount in paid up capital,” mentioned Anup Pathak in his petition who’s a non-promoter shareholder in DHFL.

By Ankur Mishra

A retail investor of Dewan Housing Finance Corporation (DHFL) has filed an enchantment at Nationwide Firm Legislation Appellate Tribunal (NCLAT) towards delisting of the mortgage lender’s shares from exchanges. In his plea filed on Friday, the investor has accused DHFL administrator and lenders of failing to adequately inform concerning the impending delisting, which was a part of the Piramal’s authorized decision plan beneath the Insolvency and Chapter Code (IBC). The retail investor has requested NCLAT to put aside order handed by NCLT on June 7 and relist the shares of DHFL.

On June 7, Nationwide Firm Legislation Tribunal (NCLT) had authorized the decision plan of Piramal Capital and Housing Finance (PCHFL) which supplied to pay Rs 37,250 crore to DHFL lenders.

“The respondents both solely or collectively have failed to tell and procure the consent of the appellant concerning the acquisition of the fairness shares held by shareholders in firm at Rs ‘Zero’ beneath the decision plan, by means of discount in paid up capital,” mentioned Anup Pathak in his petition who’s a non-promoter shareholder in DHFL.

In his petition, he additionally mentioned that decision of DHFL is contravention of Part 230 of Corporations Act, 2013, which offer energy to compromise or make preparations with creditor of an organization, including that minority shareholders have proper to know even when they don’t seem to be a part of Committee of Collectors (CoC).

PCHFL’s proposal to delist DHFL was accepted by DHFL’s collectors in January, 2021. Nevertheless, many buyers continued to purchase DHFL shares, anticipating the next worth of the corporate in future. The share value of DHFL rose greater than 70% since April 19 to Rs 23.06 per share on June 8 at BSE.

On June 14, the shares of DHFL stopped buying and selling on the exchanges as a part of the decision plan.