November 20, 2019 / 12:54 PM / 16 days ago

India cenbank to begin bankruptcy proceedings against shadow lender DHFL

BENGALURU, Nov 20 (Reuters) - The Reserve Bank of India on Wednesday said it will initiate bankruptcy proceedings against shadow lender Dewan Housing Finance Ltd (DHFL).

The central bank has here superseded the board of DHFL and appointed an administrator owing to governance concerns and defaults in meeting various payment obligations, it said.

Debt-laden DHFL is one of India’s top defaulters, and owes close to 1 trillion rupees ($14 billion) to its debtors, which include banks and mutual funds.

Reporting by Chandini Monnappa in Bengaluru; Editing by Bernard Orr

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