Shares of Dewan Housing Finance Corp Ltd (DHFL) zoomed 21 per cent Wednesday after the company released a report by auditor saying that no shell companies were created to divert funds. The shares of the home loan provider jumped nearly 21.2% to Rs 162.3 on the NSE in the early trade today.
On Tuesday evening, DHFL released the findings of the CA firm TP Ostwal & Associates to the exchanges. The report said: “There are no indications to confirm the allegations that the company has created shell companies to divert funds.”
“We were unable to find evidence to support the allegations that the promoters have concealed shareholding in the company neither did we find any evidence to support the allegation of insider trading,” it added.
In January, a media report had alleged that the company diverted the funds from public lenders to shell companies, including the ones that are linked to its controlling shareholders.
The audit report also said: “The allegation of political considerations in connection with certain lending was found to be baseless and without merit – there was no nexus between loans sanctioned and timing of the elections. All of such loans were, in fact, not sanctioned before or during either the Gujarat (December 2017) or Karnataka (May 2018) state elections.”
Meanwhile, The benchmark indices — Sensex and Nifty — opened on a positive note today. While BSE Sensex opened higher 125.66 points or 0.34 per cent at 36568.20, NSE Nifty was up 40.50 points or 0.37 per cent at 11028 on BSE in the early intraday trade. The 50 scrip index Nifty is above 11,000 for the first time since February 8 this year.
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