INSUBCONTINENT EXCLUSIVE:
Ostwal Associates found little substance in Cobrapost allegations.
The auditor concluded that DHFL has not promoted any of the alleged 26
members from the promoter group, with any of these alleged shell companies
firm said.The auditor report suggested there are no indications to confirm the allegations that the company has created shell companies to
divert funds.
Following the report, the scrip rose 13.66 per cent to hit a high of Rs 160.80 on BSE."Though allegations of Cobrapost have
not been proven correct, which might help a positive sentiment towards company but other findings raised a lot of concern on the business
front which raises more concerns
We see any bounce as good exit point for minority investors
We have Sell rating on the company," Sameer Kalra, equity research analyst, Target Investing
That said, DHFL is required to monitor post disbursal end use of funds by the borrowers
certain instances of deviations and non-adherence to the terms of sanction of loans having major risk implications, especially in relation
to post-sanction monitoring of fund use by borrowers
As such, non-compliances with the terms of the borrowing and possible diversion of funds, if any, by the borrowers would have escaped
of 4 borrowers (loans amounting to Rs 2000 crore) due to non-registration of such charges
said.Pertaining to allegations in respect of loans worth Rs 14,282 crore to 45 borrower companies that are alleged to be part of Sahana
were levelled upon the promoters, DHFL and various entities alleged to be controlled by the Promoter group
were unable to find evidence to support the allegations that the promoters have concealed shareholding in the company neither did we find
