Piramal Group Came Out to Clarify on Loan Defaults News and Called them ‘Baseless Rumours’
However, Piramal Group said it, "Would categorically like to state that we have an extremely robust loan processing and recovery process including risk management and asset monitoring system."
Piramal Enterprises clarified by strongly refuting baseless rumours regarding loan defaults by real estate developers to its lending arms Piramal Capital & Housing Finance Ltd.
Further, the company said it “Would categorically like to state that we have an extremely robust loan processing and recovery process including risk management and asset monitoring system.”
Developers like Lodha, Omkar, Vatika and Embassy referred to in the rumours are part of the lending portfolio but have never defaulted on any interest or repayment obligation to PEL/PCHFL, it said.
“Among others the rumours relate to loan defaults to PEL/Piramal Capital & Housing Finance Limited (PCHFL) by real estate developers such as Lodha, Omkar, Vatika, Embassy, Radius, Nahar, Aristo, Supertech etc,” it said in a statement.
PEL said it “strongly refutes all baseless rumours” of any sort/form that have been floating around with respect to its real estate loan portfolio companies.
Additionally, contrary to rumours, PCHFL has not extended any loan to developers like Aristo, Nahar, Supertech, Radius and Amrapali. Therefore, there is no question of any default on loan repayments by these developers, it added.
The company said it would share a lot more granular details on the health of its lending portfolio and liquidity status at the earning call post its quarterly results announcement on October 25.
The National Housing Board (NHB) carries out an annual inspection of all housing finance companies. PCHFL received the housing finance licence in end August, 2017 and accordingly, the NHB has now initiated their annual inspection of PCHFL and this is purely routine and procedural in nature, it stated further.