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The BSE (Bombay Stock Exchange) and NSE (the National Stock Exchange of India) have made the decision regarding DHFL (Dewan Housing Finance). It has decided to suspend all trading in equity shares which will be effective from Monday, June 14th.
The BSE (Bombay Stock Exchange) and NSE (the National Stock Exchange of India) both made the same announcement about the cash-strapped company.
The DHFL counter has hit its lower circuit limits this week which is what prompted the BSE and NSE to issue such a circular. In the circulars, it was stated that DHFL notified the exchange platforms about its approval for delisting the equity shares.
The shares would be of the company from the NCLT (National Company Law Tribunal). Moreover, the notifying document stated that there was no value to the equity shares of the company. This was according to the liquidation value of the company.
The NCLT said yes to the plan that the Piramal Group developed for DHFL which will result in dropping the value of DHFL shares to zero. What’s astonishing is that despite this news being circulated, the stock was being traded actively.
This is because the company also stated in the circular that this written plan by the NCLT was still awaiting the final decision. The implementation and the changes that it will bring forward were still under discussion.
The NSE circular stated that in accordance with regulations 3.2.1 of the National Stock Market trading resolutions, DHFL will be suspended from trading from June 14, 2021, onwards. The closing hours of the DHFL stock market were on June 11, 2021.
DHFL has been under the radar ever since the IL&FS scandal. It followed a downgrading of the companies commercial papers after it failed to provide a series of overdue payments. Dewan Housing Finance went bankrupt soon after and was under debt of over IND RS 90,000 million to its lenders.
It became the first firm that was taken to the NCLT. Moreover, the Reserve Bank of India also called for DHFL under the disobedience of the Insolvency and Bankruptcy Code.
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