Dewan Housing Finance Corpn. (Delisted) MD, chairman, board of directors and AGM

BSE: 511072Finance

Last traded ₹16.70 on 11 Jun 2021

Delisted on 29 Sep 2021. The company's shares trade as Piramal Finance (PIRAMALFIN).

Dewan Housing Finance Corpn. AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Dewan Housing Finance Corpn. share news and announcements

Annual general meeting, 30 Sep 2020

Present: 0 promoters and 117 others.The company's voting result (opens in a new tab)

To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2020 and the Board’s Report (Report of Advisory Committee Chaired by the Administrator) and Statutory Auditors thereon.MoreLess
Ordinary
83.28% for16.72% against
Against: promoters 0.00% · institutions 26.78% · other public 0.95%
Turnout: all 0.37% · promoters 0.00% · institutions 3.78% · other public 0.26%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 6 Mar 2019, 4 resolutions

The company's voting result (opens in a new tab)

To approve re-appointment of Mr. Vijay Kumar Chopra (DIN: 02103940) as an Independent Director of the Company
Special
92.94% for7.06% against
Against: promoters 0.00% · institutions 27.03% · other public 0.47%
Turnout: all 60.42% · promoters 100.00% · institutions 59.49% · other public 16.04%
To approve re-appointment of Mr. Mannil Venugopalan (DIN: 00255575) as an Independent Director of the Company
Special
99.96% for0.04% against
Against: promoters 0.00% · institutions 0.00% · other public 0.45%
Turnout: all 60.42% · promoters 100.00% · institutions 59.49% · other public 16.04%
To approve re-appointment of Mr. Guru Prasad Kohli (DIN: 00230388) as an Independent Director of the Company
Special
93.15% for6.85% against
Against: promoters 0.00% · institutions 26.22% · other public 0.50%
Turnout: all 60.42% · promoters 100.00% · institutions 59.49% · other public 16.04%
To approve keeping the Register and Index of Members and Debenture holders along with the copies of Annual Return as per the Companies Act, 2013, at a place other than the Registered office of the CompanyMoreLess
Special
99.98% for0.02% against
Against: promoters 0.00% · institutions 0.00% · other public 0.19%
Turnout: all 60.42% · promoters 100.00% · institutions 59.49% · other public 16.05%

How mutual funds voted

Fund houses must disclose how they vote at every meeting of a company they hold.

Mutual fund votes, meeting of 7 Jul 2021, 1 fund house

To approve revisions to the distribution mechanism of the value receivable by certain creditors of Dewan Housing Finance Corporation Limited (DHFL) under the resolution plan submitted by Piramal Capital & Housing Finance Company Limited (as discussed in the Twenty First Meeting of the Committee of Creditors of DHFL)MoreLess
Against Tata Mutual Fund
Tata Mutual FundTAML will vote against the proposal for higher payout to unsecured/junior creditors as it will reduce the payout of secured lenders like us.
0 for1 against

Mutual fund votes, meeting of 22 Jun 2021, 1 fund house

To approve revisions to the distribution mechanism of the value receivable by certain creditors of Dewan Housing Finance Corporation Limited (“DHFL”) under the resolution plan submitted by Piramal Capital & Housing Finance Company Limited (as discussed in the Twentieth Meeting of the Committee of Creditors of DHFL)MoreLess
Against Tata Mutual Fund
Tata Mutual FundWe are voting against the revised proposal of distribution of cash as it will put the unsecured financial creditors on par financial creditors in the recovery of debts. This will mean loss of ~2% from our overall recovery from DHFL at the cost of higher payout to unsecured creditors and full payout to select investors
0 for1 against
To authorise State Bank of India, Union Bank of India and Catalyst Trusteeship Limited (acting in its capacity as Debenture Trustee for debenture holders of DHFL) to act on behalf of the Committee of CreditorsMoreLess
1 for0 against

6 earlier meetings

Mutual fund votes, meeting of 13 Jan 2021, 1 fund house

Approval of CIRP costs under Regulation 31 of CIRP regulations
Against Tata Mutual Fund
Tata Mutual FundWe are of the view that the advisors to CoC should paid only contracted advisory fees. No additional success fees should be paid to them. Hence voting agaist the resolution. Even the best bid is 90 % of fair value of assets. If bids was at fair value or higher we could have voted for the proposal.
0 for1 against
Resolution authorising CyrilAmarchand Mangaldas and J. Sagar Associates, legal advisors to the committee of creditors (“CoC”) of Dewan Housing Finance Corporation Limited (“DHFL”), to do all things necessary in respect of representing the committee of creditors in connection with the corporate insolvency resolution process (“CIRP”)including but not limited to, representing the CoC in all legal proceedings before any judicial forum,whether initiated before or after the approval of the resolution plan(s) by the Hon’ble National Company Law Tribunal, Mumbai Bench and drafting responses to notices/ letters/ any communication received by the CoC from any persons/ parties.MoreLess
1 for0 against
Resolution in respect of creation of corpus for meeting costs of advisors appointed by or on behalf of the Committee of Creditors of DHFL relating to the corporate insolvency resolution process of DHFLMoreLess
1 for0 against
Resolution Plan for Option II- First Scenario (Combination of: Piramal Option IIA, Adani Option IIB and Adani Option IIC)
1 for0 against
Resolution Plan for Option II- Second Scenario (Combination of: Piramal Option IIA, SC Lowy Option IIB and Adani Option IIC)
1 for0 against
Resolution Plan submitted by Adani Properties Private Limited along with its wholly owned subsidiary Nirjara Pedestal Private Limited for Option I
1 for0 against
Resolution Plan submitted by India Opportunities Investments Singapore Pte. Ltd. (“Oaktree”) for Option I
1 for0 against
Resolution Plan submitted by Piramal Capital & Housing Finance Limited for Option I
1 for0 against
Resolution to approve the distribution mechanism of the value receivable by the creditors of Dewan Housing Finance Corporation Limited (“DHFL”) under the resolution plan submitted by the successful resolution applicant (as discussed in the Eighteenth Meeting of the Committee of Creditors (“CoC”) of DHFL)MoreLess
Against Tata Mutual Fund
Tata Mutual FundNot in favour of the proposed cash distribution (preference should not be given to FD holders(unsecured)). We do not share this view, of giving precedence to unsecured fixed deposit holders over secured creditors.
0 for1 against

Mutual fund votes, meeting of 15 Sep 2020, 1 fund house

Approval of CIRP costs
1 for0 against
Approval of related party transactions
1 for0 against
Extension of deadline for submission of resolution plans
1 for0 against
Modifications in the RFRP
1 for0 against
Payment for DPLI stake sale process by DHFL on behalf of DIL
1 for0 against

Mutual fund votes, meeting of 4 Aug 2020, 1 fund house

Extension of last date of submission of Resolution Plans “It is hereby resolved to extend the timeline for submission of resolution plans in accordance with under Regulation 36B (6) of CIRP Regulations by forty (40) days from 7th August 2020. Accordingly, the last date for submission of Resolution Plan will be 16th September 2020”MoreLess
1 for0 against
Modification in the Request for Resolution Plan dated 17th March 2020 “It is hereby resolved to approve certain modifications to the RFRP dated 17th March 2020 in accordance with Regulation 36B (5) of CIRP Regulations to give effect to the following: 1. Submission Protocol for submission of Resolution Plans to enable ‘digital submission’ of Resolution Plans by Resolution Applicants based on the prevailing lockdown situation and under such terms and conditions as may be communicated by the Administ rator in writing to the Resolution Applicants 2. The process of sale of equity shares of PLIL (erstwhile DPLI) held by DIL as discussed and agreed by the CoC in this regard during the 6th CoC meeting dated 29th July 2020. 3. Any other term and condition of the RFRP in relation to the above”MoreLess
1 for0 against

Mutual fund votes, meeting of 22 Jan 2020, 1 fund house

It is hereby resolved that the insolvency resolution process costs as per Sec. 5(13) of the Code read with Regulation 31, 33 and 34 of CIRP Regulations incurred during the process so far and continuing costs be approvedMoreLess
1 for0 against
It is hereby resolved to approve the eligibility criteria, to invite prospective resolution applicants, as discussed during the Meeting of the CoC, with regard to the complexity and scale of operations of the business of the corporate debtor, to submit a resolution plan in accordance with Section 25(2)(h) of the CodeMoreLess
1 for0 against

Mutual fund votes, meeting of 28 Sep 2019, 2 fund houses

To appoint a Director in place of Mr. Dheeraj Wadhawan (DIN: 00096026) who retires by rotation at this Annual General Meeting and being eligible, offers himself for re-appointment.
0 for0 against
2 abstained
To approve appointment of Dr. Deepali Pant Joshi (DIN: 07139051) as an Independent Director of the Company
0 for0 against
1 abstained
To approve appointment of Dr. Deepali Pant Joshi (DIN: 07139051) as an Independent Director of the Company not liable to retire by rotation, to hold the office for the term of five consecutive years effective from May 8, 2019 up to May 7, 2024.MoreLess
0 for0 against
1 abstained
To approve appointment of M/s. K. K. Mankeshwar & Co., Chartered Accountants, (Firm Registration No. 106009W) as Statutory Auditors of the Company
0 for0 against
1 abstained
To approve appointment of M/s. K. K. Mankeshwar & Co., Chartered Accountants, (Firm Registration No. 106009W) as Statutory Auditors of the Company & to fix their remuneration.
0 for0 against
1 abstained
To approve appointment of Mr. Alok Kumar Misra (DIN: 00163959) as an Independent Director of the Company
0 for0 against
1 abstained
To approve appointment of Mr. Alok Kumar Misra (DIN: 00163959) as an Independent Director of the Company, not liable to retire by rotation, to hold office for a term of five consecutive years effective from March 26, 2019 up to March 25, 2024.MoreLess
0 for0 against
1 abstained
To approve appointment of Mr. Srinath Sridharan (DIN: 03359570) as a Non-Executive Director of the Company
0 for0 against
1 abstained
To approve appointment of Mr. Srinath Sridharan (DIN: 03359570) as a Non-Executive Director of the Company effective from March 26, 2019 and his office shall be liable to retire by rotation.
0 for0 against
1 abstained
To approve appointment of Mr. Sunjoy Joshi (DIN: 00449318) as an Independent Director of the Company
0 for0 against
1 abstained
To approve appointment of Mr. Sunjoy Joshi (DIN: 00449318) as an Independent Director of the Company, not liable to retire by rotation, to hold the office for the term of five consecutive years effective from March 26, 2019 up to March 25, 2024.MoreLess
0 for0 against
1 abstained
To approve conversion of Debt into Shares or Convertible instruments or other Securities.
0 for0 against
2 abstained
To approve increase in Authorized Share Capital and Alteration of Memorandum of Association of the Company.
0 for0 against
2 abstained
To approve the amendment to Articles of Association of the Company to include authority to appoint Nominee Director(s) of the Company.
0 for0 against
1 abstained
To approve the amendment to Articles of Association of the Company to include therein, authority to appoint Nominee Director(s) of the Company
0 for0 against
1 abstained
To grant approval to sell, lease, dispose-off or otherwise deal with the whole or part of the assets of the Company.
0 for0 against
2 abstained
To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2019 and the Reports of the Board of Directors and Joint Statutory Auditors thereon.MoreLess
0 for0 against
1 abstained
To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company for the financial year ended March 31, 2019 and the Reports of the Board of Directors and Statutory Auditors thereonMoreLess
0 for0 against
1 abstained

Mutual fund votes, meeting of 6 Mar 2019, 2 fund houses

To approve re-appointment of Mr. Vijay Kumar Chopra (DIN: 02103940) as an Independent Director of the Company
0 for0 against
2 abstained
To approve re-appointment of Mr. Mannil Venugopalan (DIN: 00255575) as an Independent Director of the Company
0 for0 against
2 abstained
To approve re-appointment of Mr. Guru Prasad Kohli (DIN: 00230388) as an Independent Director of the Company
0 for0 against
2 abstained
To approve keeping the Register and Index of Members and Debenture holders along with the copies of Annual Return as per the Companies Act, 2013, at a place other than the Registered office of the CompanyMoreLess
0 for0 against
2 abstained

Each fund house counted once, from its own disclosure; the reasons are its own words.