MUMBAI: India's Dewan Housing Finance Corp Ltd (DHFLNSE 3.05 %) filed its long-delayed audited results for the quarter ended March 31 late on Monday, and revealed that its auditors had raised several red flags around its numbers, raising fresh concerns about the future of the troubled lender.
DHFL, one of India's biggest housing finance companies with almost 1 trillion rupees ($14.52 billion) in debt, has been hard hit by a liquidity crunch that has crippled several Indian non-banking ..
The Mumbai-based housing finance company has been also stung by allegations of fraud and improper lending practices that have spooked investors and sent shares plunging to decade-low levels.
"We were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on the statement," Deloitte Haskin & Sells and Mumbai-based Chaturvedi & Shah, DHFL's two auditors said in a regulatory filing.
Deloitte and Chaturvedi & Shah noted there were significant deficiencies in the grant and rollover of unsecured borrowings at DHFL, and that there had also been other irregularities in the granting of certain loans.
The auditors said DHFL had failed to provide them with sufficient explanation or information about these matters.
"We are unable to comment on the company's compliance of the covenants in respect of all borrowings and (the) consequential implications," the a ..
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