Dewan Housing Finance Corporation Ltd states that their CEO Harshil Mehta has took the decision of leaving his position with instant effect. DHFL in the filling of exchange claims that “However, Harshil Mehta will be connected with the company and should embrace the position of executive president-retail business with effect.
Moreover, the board suggested nomination of Sunjoy Joshi as the Independent director and Srinath Sridharan as a non-executive director.
Recently, an organization of investigative news Cobrapost had assumed that DHFL had drained off funds by encompassing loans to shell companies maintained by their promoters.
Wadhawan Global Capital is the organizer firm of DHFL. Loans were prolonged after getting financing from international and domestic banks for the purposes of lending. In the research, Cobrapost stated that State Bank of India had given loans of about Rs. 11,650 Cr to DHFL, whereas Bank of Baroda had given the loan of approximately Rs. 4,400 Cr.
State Bank of India and Bank of Baroda are the largest lenders to the company. Both of the banks have established in the past the definite exposure is adjacent to the amount mentioned Cobrapost.
The expose had suspected that scam has been pulled off majorly by disbursing and approving astronomical amounts in unsecured and secured loans to suspicious shell or pass-through the companies associated to the primary stakeholders of DHFL, Dheeraj Wadhawan, Aruna Wadhawan, and Kapil Wadhawan.
It suspected that this was done with the help of associates and proxies that in turn have distributed the money to the companies managed by Wadhawans.
It alleged that this was done through their proxies and associates, which have in turn passed the money on to the companies controlled by the Wadhawans. The housing finance company had disproved all accusations by the portal of investigative media.