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Kotak Mahindra, Axis petitions high court on Dewan Housing Finance disclosure

Kotak Mahindra Asset Management Co. Ltd. and Axis Asset Management Co. Ltd. petitioned the Bombay High Court to order troubled nonbank lender Dewan Housing Finance Corp. Ltd. to disclose its assets and liabilities, the Press Trust of India reported Oct. 17.

The asset managers also asked that Dewan Housing Finance be restrained for now from making payments or disbursements to either secured or unsecured creditors, excluding certain pro rated payments to secured ones.

This comes after the court barred the company from paying unsecured creditors until further notice. Edelweiss Asset Management has also petitioned the court to make the lender disclose all assets and liabilities.

The court gave the parties four weeks to file replies, the report said.

Dewan Housing Finance owes the National Housing Board, mutual funds and bondholders 838.73 billion rupees as of July 6, the report added. The company had proposed to allow its creditors and bondholders to convert part of its debt into equity as part of its debt resolution plan.

As of Oct. 17, US$1 was equivalent to 71.10 Indian rupees.