New Delhi, Nov 21 (SocialNews.XYZ) The Gautam Adani-led Group and the Piramal Group are among the major contenders for the crisis-hit Dewan Housing Finance Corporation (DHFL), sources said.
Further, Apollo is also said to be in the fray to take over the troubled company, after the Reserve Bank of India (RBI) on Wednesday said that it would initiate insolvency proceedings for the resolution of the company.
The RBI also superseded the Board of Directors of DHFL owing to governance concerns and defaults by DHFL in meeting various payment obligations.
The central bank also appointed R. Subramaniakumar, ex-MD and CEO of Indian Overseas Bank, as the administrator of DHFL under Section 45-IE (2) of the Reserve Bank of India Act, 1934.
With the RBI's decision, DHFL is set to become the first non-banking financial company (NBFC) to be referred to the National Company Law Tribunal (NCLT) under new rules notified by the government.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz