NEW DELHI: Dewan Housing Finance Corporation Ltd (DHFL) said its board meeting to consider fourth quarter results for the 2018-19 financial year has been postponed, sending its stock crashing nearly 12 per cent to close at Rs 72 on BSE.
DHFL, which is under stress to meet its debt repayment obligations, said its board meeting that was originally scheduled on June 29, has been postponed to July 13.
DHFL said matters relating to the fourth quarter results as well as the annual general meeting could not be taken up as scheduled due to “unforeseen operational engagements including non-availability of a few directors” in order to “ensure participation of all the members of the audit committee as well as the board”.
With the recent incidents of auditors quitting companies, the postponement of DHFL board meeting and non-finalisation of accounts at the end of the current financial year, investors are a worried lot.
DHFL, which had a loan exposure of over Rs 1 lakh crore as per the last balance sheet, is also a worry to banks, as half of its loans are from the banks. Bankers will now have to start looking at ways to recover the money depending on the repayment schedule and the ability of the company to meet the schedule, said sources.
‘Lenders need to figure out additional resources’
Dewan Housing Finance Corporation Ltd (DHFL) on Tuesday had said that it paid only 40 per cent of he I375 crore of Commercial Papers that matured and would repay the rest once its surplus cash flow position improved. Since September, DHFL has repaid close to I41,000 crore in financial obligations and sold some of its assets towards repayment. DHFL had already sold its asset management company, low-cost housingfirm as well as its education-focused NBFC. Lenders need to assess where and how additional resources can be raised to meet future repayments and work out a resolution plan sooner, sources said.