Document Fragment View

Matching Fragments

(a) The investigation reveals that the DHFL, a licensed housing fnance corporation recognized by National Housing Bank, falling in the category of Non Banking Finance Company ("NBFC") was established to enable access to economical housing fnance to lower and middle income groups in semi urban and rural parts of India. As on June, 2018, it had 209 branches and 113 M.M.Salgaonkar 9/27 BA-3323-21+3.doc service centers with a representative offce in London. The capital base of the DHFL is equity capital and free reserves from accumulated profts forms its capital.
(b) From April, 2018 onwards, DHFL was mobilising more funds for its alleged growth in business and its MD Kapil Wadhawan decided to borrow funds through NCDs from the market. Investigation reveals that M/s. Yes Bank subscribed NCDs of DHFL of the value of Rs.3700 crores which was the highest single subscription of an institution.

The investigation revealed that M/s. DOIT Enterprises (India) Pvt. Ltd. was registered with RoC on 30/03/2012 and Radha Kapoor Khanna and Ms. Roshani Kapoor are the directors in the said company. Investigation revealed that M/s. DOIT is wholly owned by a company namely M/s. Morgan Credit Private Limited (MCPL) which in turn is equally held by three daughters of Rana Kapoor namely Radha K. Khanna, Raakhe K Kapoor and Roshini Kapoor (33% each). This company claimed that it is engaged in development / investment in new age Urban Ventures. However, investigation conducted so far revealed that this company has not carried out any actual business activity during the relevant period.





M.M.Salgaonkar
                                   10/27                         BA-3323-21+3.doc

(c) That during the period 2018-19 Rana Kapoor, the Promoter Director and the then CEO of M/s. Yes Bank Limited entered into a criminal conspiracy with Kapil Wadhawan, Promoter Director of M/s DHFL and others for extending fnancial assistance to M/s. DHFL by M/s. Yes Bank Limited in lieu of substantial undue beneft to himself and his family members through the companies held by them.

(d) That in furtherance of the said criminal conspiracy during the month of April to June, 2018, M/s. Yes Bank Limited invested Rs.3700 crores in the short-term debentures of M/s. DHFL. Simultaneously, Kapil Wadhawan paid a kickback of Rs.600 crores given by M/s. DHFL (in which Kapil Wadhawan is a Promoter Director) to M/s. DOIT Urban Ventures (India) Private Limited, a wholly owned subsidiary of M/s. RAB Enterprises (India) Private Limited in which, Bindu Kapoor, wife of Rana Kapoor is a director and 100% shareholder. Furthermore, the daughters of Rana Kapoor namely Roshini Kapoor, Radha Kapoor Khanna and Raakhe Kapoor Tondon are 100% shareholders of M/s. DOIT Urban Ventures (India) Private Limited though M/s. Morgan Credits Private Limited.