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Bombay HC Restrains DHFL Promoters From Leaving The Country After 63 Moons Technologies’ Plea Seeking Dues
[ By Bobby Anthony ]The Bombay High Court has restrained Dewan Housing Finance Corporation Ltd (DHFL) promoters Dheeraj Wadhawan and Kapil Wadhawan from leaving the country until further orders.Justice S J Kathwalla ruled that the Wadhawans will have to seek permission from the Bombay High Court if they wish to leave the country in response to a petition filed by the Jignesh Shah-promoted...
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The Bombay High Court has restrained Dewan Housing Finance Corporation Ltd (DHFL) promoters Dheeraj Wadhawan and Kapil Wadhawan from leaving the country until further orders.
Justice S J Kathwalla ruled that the Wadhawans will have to seek permission from the Bombay High Court if they wish to leave the country in response to a petition filed by the Jignesh Shah-promoted 63 Moons Technologies seeking recovery of around Rs 200 crore dues owed to it.
Earlier, 63 Moons had filed a petition seeking directions from the court against DHFL for the recovery of around Rs 200 crore from the Wadwans, and to ensure that Dheeraj Wadhawan and his brother Kapil Wadhawan do not leave the country.
The company petitioned the court after DHFL told the court that the Wadhawans may have to travel abroad to raise funds for DHFL.
This raised apprehensions at 63 Moons that the Wadhawans, if allowed to leave the country, may escape and never come back or pay the dues.
Incidentally, 63 Moons, had subscribed to non-convertible debentures (NCD) issued by DHFL, and then approached the court after DHFL failed to repay the money.
However, DHFL had challenged the maintainability of the petition filed by 63 Moons, arguing that trustees of bond holders already moved an application in the Pune bench of the Debt Recovery Tribunal (DRT) for recovery of dues on behalf of debenture holders, due to which the plea by 63 Moons could not be entertained.
It may be recalled that the Enforcement Directorate is conducting a probe against DHFL over alleged financial irregularities.
Meanwhile, the court has posted the plea for further hearing on November 14.