Dewan Housing Finance Corporation Ltd (DHFL) on Wednesday said it has stopped acceptance and renewal of Fixed Deposits due to the recent revision in the credit rating of fixed deposits programme of the Company, which is below the minimum rating prescribed under the National Housing Bank (NHB) guidelines for acceptance or renewals of the Fixed Deposits.
"The said revision in the credit rating of the Company has been informed to the Stock Exchanges within the stipulated time and the aforesaid decision to stop acceptance or renewal of fixed deposits is a consequence of such revision in the credit ratings," the company said in a stock exchange notice.
DHFL said it has sent communication in this regard to its fixed deposit brokers yesterday evening. Further, it claimed that was in the process of intimating the same within the time prescribed under Regulation 30 of the SEBI Listing Regulations i.e. within twenty four hours of such communication.
In a communication to brokers, DHFL said acceptance of all fresh deposits as well as renewals has been put on hold with immediate effect. Further, to help the company re-organise its liability management, the pre-mature withdrawal of deposits has also been put on hold.
However, the company said it will continue to honour all premature deposit withdrawal requests in the case of any medical or financial emergency, subject to fulfilment of appropriate documentation.