The
Bombay High Court on Thursday restricted Dheeraj Wadhwan and Kapil Wadhwan,
promoters of the crisis-hit Dewan Housing Finance Ltd (DHFL) from travelling
abroad while hearing an application filed by 63 Moons Technologies Ltd seeking
recovery of Rs.200 cr owed by DHFL.
Justice
SJ Kathawalla refused relief to the brothers and said that the two will have to
take permission from Court for leaving the country.
Senior
Advocate Gaurav Joshi and Cyrus Adeshir appeared on behalf of the defendant
brothers. They challenged the maintainability of the plaintiff's application
and contended that trustees of the bond-holders already moved an application
before the Debt Recovery Tribunal (DRT), Pune bench for recovery of dues on
behalf of debenture holders.
They
informed the Court that Dheeraj Wadhawan, also known as Baba Dewan amidst
social circles in Mumbai is admitted in Lilavati Hospital allegedly suffering
from a lung infection and the Kapil Wadhawan is in India and "is trying to
sort out the problems."
It was
further submitted that the defendants may have to travel abroad for raising
funds. Appearing for the plaintiff, Senior Advocate DD Madon objected to this
and submitted that the defendants may escape if allowed to leave the country.
The
Jignesh Shah promoted 63 Moons had subscribed to the non-convertible debentures
(NCD) of DHFL, after DHFL failed to repay the money, the plaintiff moved court.
Edelweiss
AMC, Kotak Mahindra AMC, Axis Asset Management and Reliance Nippon had moved
the Bombay High Court seeking disclosure of all its assets and liabilities of
DHFL. They also sought directions restraining DHFL from making any
payments/disbursements to secured and unsecured creditors. High Court had ruled
against DHFL in all the cases.
DHFL
is currently under investigation for alleged financial irregularities by
multiple agencies. Enforcement Directorate (ED) is examining an Rs.2186 crore
loan given by DHFL to Sunblink Real Estate, a Non-Banking Finance Company
(NBFC). The money was allegedly used to
acquire properties in the name of Iqbal Mirchi, a close associate of Dawood
Ibrahim. Serious Fraud Investigation Office (SFIO) is also probing DHFL for
alleged financial fraud.
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