Billionaire Ajay Piramal's Piramal Group has emerged as the preferred bidder for debt-laden mortgage lender DHFL

Dewan Housing Finance Corp share rose 4.96% to Rs 27.50 against previous close of Rs 26.20 on BSE

DHFL was the first finance company to be referred to NCLT for insolvency proceedings. Before that, the company's board was superseded and R Subramaniakumar was appointed as the administrator

Piramal Enterprises' bid received 94 per cent votes as compared to 45 per cent for the US-based Oaktree Capital

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The stock that crashed to a low of Rs 8.40 in April this year has now gained a whopping 285 per cent in just nine months to touch Rs 32 per share

Oaktree Capital and Piramal Capital & Housing Finance have emerged as top bidders in fourth round, trumping Adani Properties that entered via a lateral entry in third round. CoC will likely go with one promising higher upfront cash

India Stock Market Highlights Today: In today's session, Sensex hit an all-time high of 47,026 and Nifty logged a lifetime high of 13,772.

In the past, Piramal's big strategic moves like Shriram Group stake and merger proposal with IL& FS and IDFC Bank didn't reach logical conclusion

Private equity and stressed asset funds continue to show interest in acquiring value assets undergoing insolvency proceedings despite delays and litigation

Tata group, Reliance Industries, Adani Group, JSW and Vedanta are among others in race for lucrative assets, including start-ups

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The order was passed by Justice SV Kotwal, who had reserved the judgement on October 23, after hearing their bail pleas for three days

Earlier this month, Dewan Housing Finance Corporation Ltd (DHFL) had received four bids for either picking up stake in the company or buying out assets

Sebi says violations are \"very grave in nature \" and amount involved in fraudulent transactions is of a very high magnitude; DHFL promoters engaged in fraudulent transactions worth Rs 14,046 crore from April 1, 2006, to March 31, 2019, said the order

As per the report prepared by the transaction auditor, the concerned transactions occurred during financial years 2006-2007 to 2018-19, DHFL said in a regulatory filing

Debt investors need to tread carefully in the fixed income market as the balance sheets of the two biggest issuers - the government and corporate sector - are not in the pink of health

The Dewan Housing Finance Corporation promoters will, however, remain in jail as CBI is still investigating them on the similar charges of money laundering 

That shadow banking was at the core of the financial sector meltdown that led to the Great Recession of 2007-08 is well documented and so is the fact that it remains big and powerful enough to cause serious financial crisis and yet, India and the US continue to promote it