DHFL FD Investors and NCD-holders Start Getting Their Repayment Proceeds as per Their Claims
Moneylife Digital Team 30 September 2021
In a huge relief for fixed deposit (FD) investors and non-convertible debenture (NCD)-holders of Dewan Housing Finance Corporation Ltd (DHFL), the repayment process has already started.
 
While many people have expressed their satisfaction at having received almost their full principal amount (those with invested amounts less than Rs2 lakh for NCDs) back, some were extremely disappointed and angry at having received only 23% to 46% of their principal amount back. Moneylife has been closely covering the insolvency proceedings of DHFL  since 2019 and it can be read here.
 
Catalyst Trusteeship Ltd, the debenture trustee for the DHFL bonds, which has been severely criticised for its total lack of interest and communication during the entire resolution process, has finally uploaded the latest status report in the smartroom portal.
 
The report says that the process of implementation of the resolution plan approved by the National Company Law Tribunal (NCLT) as per its order on 7th June, has started. Catalyst Trusteeship has been appointed as the Global Escrow Trustee to hold on trust, the settlement amount in the form of cash and debentures issued by Piramal Capital Housing Finance Company Ltd (PCHFL) and to arrange for payments to claimants. The payments are being made as per the said resolution plan to the debenture-holders as on 13 August 2021 (record date) and the FD holders.
 
DHFL NCD-holders:
The settlement consideration payable to debenture-holders are aggregated permanent account number (PAN)-wise under each series. The amount payable by cash is being credited to the bank account (linked to the demat account) of the first-holder and those payable by way of debentures issued by PCHFL is being credited to the demat accounts of the first-holder, as appearing in the list of debenture-holders as on 13th August.
 
DHFL FD investors:
The amount payable to FD-holders is being credited to their bank accounts as per details made available by DHFL.  However, in respect to those FD-holders, whose bank account details are not available with DHFL, are being paid by way of demand draft drawn on HDFC Bank Ltd and being sent to their registered address by speed post.
 
Meanwhile, the National Company Law Appellate Tribunal (NCLAT) has fixed the next date for the hearing of pending appeals, including those filed separately by FD-holders and Kapil Wadhawan (the erstwhile promoter of DHFL), on the resolution of DHFL to 17th November.
 
The appellate tribunal said all legal filing of documents should be completed by then. FD-holders have also filed an interim application with the Supreme Court.
 
Fresh cases of Uttar Pradesh State Power Sector Employees Trust and Uttar Pradesh Power Corporation Contributory Provident Fund Trust against DHFL were also taken up for admission by the appellate tribunal.
Comments
mlarya555
9 hours ago
I got only 6.44 lacs against my principal investment of Rs 25 lacs in FD.
Will I get rest of my money in future ??
mlarya555
9 hours ago
I had investors Rs 25 laga as FD but received only Rs 6.44 las. Will I get rest of my Principal investment
siddhi.shah1218
3 weeks ago
How much more time is required to pass the DHFL fd to the customer.
kaushik.n.pateliya
4 weeks ago
I had bought NCD worth Rs 50K, I recived 49992 back to my acc on 29/09/21
drsaini25aug
1 month ago
Nobody can pridicit about the facts behind. Why the ranking agencies give them high ratings. Was the government sleeping at that time.Even NCLT team declared and assured 100% sum returning for those whose sum is below 2 Lacs but only 23% has been released means NCLT was with promotors and was not worried about small investors.
tapankumarsanyal
2 months ago
Don't repeat the old news and frustrate the FD holders. We claim our full principal amount with accrued interest. Only the Hon'ble SC may bail out the depositors.
My earnest appeal to the Indian Sr Citizens not to invest any fund in private organizations in spite of tripple ratings and they may face the similar situation like DHFL depositors!!!
rohitvatsya1993
Replied to tapankumarsanyal comment 1 month ago
I have invested 3.5 lacs only recieved 80k approx will I get the remaining payment if not how can I appeal what's the procedure.
mksmajmundar
2 months ago
i am senior citizen and invested Rs.500000 in monthly interest scheme being matured on 03.12.2021 to have monthly expenses and other deposit cumulative of Rs.1000000 matured on 03.03.2020. All this money of my retired fund. Other FD of HUF 300000 matured on 03.04.2020. My daughter FD was matured and already given for payment. But under one pancard rule, i got 23% of my FD. for my daughter claim which was already given for process, they have given 23% only. I am now tired of this country where honesty has no value. I want to leave this country. I advise all youngsters try your luck in other country where your qualification, hard working and honesty have value. Please save this country from such people who have given such high rating to DHFL. I donot have mediclaim. I pray to God that pl take care of my family. Why such resolution is passed. Can Prime Minister and Board hear my voice?
tembemanju
2 months ago
FD holders have received only 23% of their FD principal amount in bank accounts.Does it mean that the balance amount is gone forever?? If so, what kind of resolution is this?? Small investors are bearing the brunt for the miscalculation/ fraudulent activity of the Company bosses!! Pls help small investors,GOI...!!!
r_ashok41
2 months ago
making a whatsapp group is a great idea and somehow all individual investors have to appraise our FM and PM as to what is going on and how small investors voice is not being heard and given priority.
We need to send it to them
kavithajeyapalan
2 months ago
Nov 17 we expect the court hearing but didn’t get any news update reg that can any one explain
kavithajeyapalan
2 months ago
If we can make a group in WhatsApp and discuss what can be done… can anyone join
r_ashok41
2 months ago
These people are taking advantage of the small retain investors spread across india and cannot join together .IBC and NCLAT need to have a code clearly mentioned that small investors should be paid in full and not be governed by the big lenders voting and only after fulfilling it then big lenders should be taken care otherwise small retail investors will always get a raw deal.All of us need to join together and write to PM and also FM about this.What do people say .Maybe if in our group somebody is good in writing a letter then all of us can sign the petition .How do we do it if someone can use forum and sign with e mail and mobile no and it can be sent
akmap107
Replied to r_ashok41 comment 3 days ago
Yes we can raise online petition and send it to all FD/NCD holders for their support/participation and then send the mass petition to the PMO, FM, LAW ministry, MCA, and the media .
devudear
2 months ago
Nclt team make us fool ,while taking vote they said all small investors whose deposit under 2 lac will get 100 percent but while given 23 percent
I think law & government both are for rich people .They are not worry about small investors.
sandhig1
Replied to devudear comment 2 months ago
true... I hv invested my father 3 lakh (2 fd of 1.5 lakh each) but still got 23% ie around 7 lakh (2.3 lakh direct loss + no interest since from Oct 2019) what a loot... these banks and financial institutes are opening looting .. common people.. while if we miss to pay even a single emi of any loan their customer care will make our life hell.. Unfortunately RBI and Government is not doing anything on this..
rohitvatsya1993
Replied to sandhig1 comment 1 month ago
9424477991 is my what'sapp plz help me what's the procedure to get remaining amount.
r_ashok41
2 months ago
looks like catalyst trustee made a big money by collaborating with piramal group and may be other nclat/other people by fooling FD holders and ncd people by promising them.It would be good if govt probes into why small investors were not given all the amount and who got what.Also IBC needs to be strengthened in protecting the small investors which is not happening
samitntina
4 months ago
The FD depositors have been grossly shortchanged. 23% of the principle amount makes no sense. Forget interest on principle and the long time for the value to be recovered. In my case I waited for 10+ years and only got 23% of what I invested 10+ years ago. If I had invested in stocks or other high risk investments that would have been different. FD is by definition secure and we have no control over where the company had invested further. Extremely disappointed and feel cheated by the system and the powers to be who were to protect the small investors.
sandhig1
Replied to samitntina comment 2 months ago
Perhaps these finance companies found another way of cheating investors by bankrupting and then selling it to another company
drsaini25aug
Replied to sandhig1 comment 1 month ago
Really true
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