DHFL Meltdown: The Corporate Governance Lapses (Record no. 54791)
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| 000 -LEADER | |
|---|---|
| fixed length control field | 02372nam a2200205 4500 |
| 003 - CONTROL NUMBER IDENTIFIER | |
| control field | OSt |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20230923145445.0 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION | |
| fixed length control field | 230923b |||||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Tiwary, D., |
| 9 (RLIN) | 38629 |
| 245 ## - TITLE STATEMENT | |
| Title | DHFL Meltdown: The Corporate Governance Lapses |
| 300 ## - PHYSICAL DESCRIPTION | |
| Extent | 9-22 p. |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc | India’s non-banking financial institutions (NBFIs), broadly constituting the less-regulated shadow banking sector, have been plagued with scams, triggering a domino effect in the Indian money market. Major corporate governance issues were highlighted in NBFIs with the unfurling of the ILF&S fraud; it virtually created a sub-prime crisis. In such a scenario, where the shadow banking sector was subject to change in regulations to ensure vigilance, corporate governance lapses had again led to the meltdown of Kapil Wadhawan led Dewan Housing Finance Limited (DHFL). Registering a net profit growth of 25% in the third quarter of financial year 2017, DHFL was one of India’s leading housing finance companies with a value of whopping ₹1.01 trillion as its asset under management (AUM). The company had nose-dived from its coveted position, suffering a loss of ₹22.23 million for the last quarter of the financial year 2018–2019. The company’s credit ratings of commercial papers and non-convertible debentures were downgraded; non-payment of interests led to enforcement of resolution plan, with the board of directors acceding to nationalized banks. The company’s reputation had crashed with its share prices, amidst allegations of lookout notice issued for its promoters for siphoning funds through shell companies. The case describes the oversights and negligence of DHFL in terms of corporate governance practices in the context of the NBFC (non-banking financial company) sector. The jury is out to evaluate whether Wadhawan had followed the rules of corporate governance in letter and spirit, or the tightening noose of regulations and market sentiments around the ‘shadow banking’ sector of India spelt doom for DHFL. |
| 653 ## - INDEX TERM--UNCONTROLLED | |
| Uncontrolled term | shadow banking, |
| Uncontrolled term | non-banking financial |
| Uncontrolled term | company or NBFC, |
| Uncontrolled term | corporate governance |
| 700 ## - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Sahay, A. |
| 773 0# - HOST ITEM ENTRY | |
| Host Biblionumber | 26021 |
| Host Itemnumber | 82609 |
| Main entry heading | SHAIKH, SHAZIB |
| Edition | maharashtra |
| Place, publisher, and date of publication | Sage Publication NEW DELHI |
| Other item identifier | 55513475 |
| Title | Asian Journal of Management Cases |
| International Standard Serial Number | 0972-8201 |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) | |
| Source of classification or shelving scheme | Dewey Decimal Classification |
| Koha item type | Case Study |
| Withdrawn status | Lost status | Source of classification or shelving scheme | Damaged status | Not for loan | Home library | Current library | Date acquired | Serial Enumeration / chronology | Total Checkouts | Full call number | Barcode | Date last seen | Price effective from |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dewey Decimal Classification | Main Library | Main Library | 23/09/2023 | Vol 20, No 1 | JP/GEN-MAN/Vol 20, No 1/55513475JA1 | 55513475JA1 | 23/09/2023 | 23/09/2023 |