Business Integration Continues

Despite the NCLT directive, the DHFL acquisition by Piramal Group remains unaffected, the acquirer said in a stock exchange filing

MUMBAI, Jan 28 (The CONNECT) – The DHFL acquisition by Piramal Group remains unaffected and the business integration continues as envisaged, the acquirer said in a stick exchange filing.

With reference to the Piramal’s Resolution plan, most appeals filed by several parties before the NCLAT against Piramal’s approved DHFL resolution plan were disposed off on January 27, 2022.

In the case of one of the appeals, which was limited to the extent of challenging the distribution of proceeds (if any) from fraudulent transactions to the benefit of the Resolution Applicant, NCLAT has ordered it to be re-considered by the Committee of Creditors (CoC).

“We have analyzed the detailed judgment of the NCLAT and consulted our legal advisors,” Piramal Group said.

The Group infirmed the stick exchanges that it is confident and will continue to pursue the matter as multiple legal options, including approaching the Apex court.

The integration comprises assimilating into Piramal’s culture and ethos of people, practices and processes, it said.

In September 2021, PCHFL acquired DHFL for a total consideration of Rs. 34,250 crore. PCHFL has retained over 3,000 employees of the DHFL Group and are also adding over 2,000 new jobs in the merged entity.

New origination of Affordable Housing loans has been restarted at all 301 branches across the country, the Group said.