On October 17, at around 5 pm, R Subramaniakumar, the administrator of Dewan Housing Finance, received an unusual letter from an inmate of Taloja jail near Mumbai. The nine-page letter was from the finance companys erstwhile promoter Kapil Wadhawan, detailing an offer to settle all dues in exchange for taking back control of the firm.
Wadhawan, who was in prison over allegations of fraud, had timed his letter to coincide with the last day for submission of bids for the debt-laden housing finance company under the insolvency process. He offered his personal and family properties, which he claimed were worth 43,000 crore, for repayment of outstanding loans. On the same day, Subramaniakumar also received bids from several entities includin…
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