The Bombay High Court on Thursday restricted Dheeraj Wadhwan and Kapil Wadhwan, promoters of the crisis-hit Dewan Housing Finance Ltd (DHFL) from travelling abroad while hearing an application filed by 63 Moons Technologies Ltd seeking recovery of Rs.200 cr owed by DHFL.
The Jignesh Shah promoted 63 Moons had subscribed to the non-convertible debentures (NCD) of DHFL, after DHFL failed to repay the money, the plaintiff moved court.
Edelweiss AMC, Kotak Mahindra AMC, Axis Asset Management and Reliance Nippon had moved the Bombay High Court seeking disclosure of all its assets and liabilities of DHFL. They also sought directions restraining DHFL from making any payments/disbursements to secured and unsecured creditors. High Court had ruled against DHFL in all the cases.
DHFL is currently under investigation for alleged financial irregularities by multiple agencies. Enforcement Directorate (ED) is examining an Rs.2186 crore loan given by DHFL to Sunblink Real Estate, a Non-Banking Finance Company (NBFC). The money was allegedly used to acquire properties in the name of Iqbal Mirchi, a close associate of Dawood Ibrahim. Serious Fraud Investigation Office (SFIO) is also probing DHFL for alleged financial fraud.
Justice SJ Kathawalla refused relief to the brothers and said that the two will have to take permission from Court for leaving the country.