High Court Restrains DHFL Promoters From Leaving Country

The Bombay High Court on Thursday restrained Dewan Housing Finance Corporation Limited (DHFL) promoters Dheeraj Wadhawan and Kapil Wadhawan from leaving the country until further orders, in a plea filed by 63 Moons Technologies seeking recovery of around Rs 200 crore dues.

Justice SJ Kathwalla said the Wadhawans will have to seek permission from the high court if they wish to leave the country.

The bench was hearing a plea filed by Jignesh Shah-promoted 63 Moons Technologies, seeking directions against DHFL and for the recovery of around Rs 200 crore that it said was due from the mortgage lender, and to ensure that promoters Dheeraj Wadhawan and his brother Kapil Wadhawan do not leave the country.

DHFL earlier told the court that the Wadhawans may have to travel abroad to raise funds. 63 Moons, however, raised apprehensions that the Wadhawans, if allowed to leave the country, may escape.

63 Moons, which had subscribed to the non-convertible debentures (NCD) of DHFL, approached the court after the company failed to repay the money.

DHFL challenged the maintainability of the petition, arguing that trustees of the bond-holders already moved an application in the Pune bench of the Debt Recovery Tribunal (DRT) for recovery of dues on behalf of the debenture holders, hence this plea could not be entertained.

The Enforcement Directorate is conducting a probe against DHFL over alleged financial irregularities.

The court has posted the plea for further hearing on November 14.