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DHFL warns it may not survive 
Date: 15 Jul 2019

NEW DELHI  - One of India`s biggest housing finance companies, Dewan Housing Finance Corp Ltd (DHFL), warned on Saturday that its financial situation was so grim that it may not survive.

The company said it was "undergoing substantial financial stress" and its ability to raise funds was "substantially impaired and the business has been brought to a standstill with there being minimal/virtually no disbursements."

"These developments may raise a significant doubt on the ability of the company to continue as a going concern," it said in notes accompanying results for the fourth quarter ending March 31, signed by Chairman and Managing Director Kapil Wadhawan.

DHFL posted a net loss of 22.23 billion rupees ($324.3 million) during the quarter compared with a profit of 1.34 billion rupees in the same period a year earlier.

DHFL separately announced on Saturday it had defaulted on interest payments worth 285.8 million rupees on non-convertible debentures, due on July 6 and July 8.

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