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Last Updated : Oct 09, 2019 09:51 AM IST | Source: Moneycontrol.com

DHFL slips 7% after CDSL freezes promoters' holding for delay in Q1 results

The shareholders of the company at AGM held on September 28 approved the appointment of M/S. K. K. Mankeshwar & Co., Chartered Accountants as the statutory auditors of the company.

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Shares of Dewan Housing Finance Corporation (DHFL) fell as much as 7.7 percent intraday on October 9 after CDSL froze promoters' shareholding.

Central Depository Services Limited (CDSL) has frozen shareholding of the promoters of debt-ridden mortgage lender DHFL due to delay in announcement of the company's financial earnings, reported PTI, quoting sources.

The decision has been taken after the company failed to announce its first quarterly results, source added.

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A meeting of the board of directors of the company is scheduled to be held on October 17, 2019, to consider and approve the un-audited financial results of the company for the first quarter and three months ended June 30, 2019, along with limited review report thereon by the statutory auditors of the company.

The delay in submission of the aforementioned financial results by the company for the quarter ended June 30, 2019 is on account of resignation of the erstwhile statutory auditors and reasonable time required by the new statutory auditors to review the financial results, company said in the BSE release.

The shareholders of the company at AGM held on September 28 approved the appointment of M/S K K Mankeshwar & Co, Chartered Accountants as the statutory auditors of the company consequent upon resignation of the erstwhile statutory auditors, it added.

Any action taken by the stock exchanges or depositories as a result of delay in submission of the above financial results by the Company is purely procedural in nature and does not materially impact the Company or the promoters.

At 0930 hrs, Dewan Housing Finance Corporation was quoting at Rs 27.35, down Rs 1.55, or 5.36 percent on the BSE.

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First Published on Oct 9, 2019 09:51 am
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