India’s non-banking financial companies (NBFCs) have floated “box companies” to evade disclosure of funds given to related parties and evergreening old loans, said a REDD Intelligence report dated June 7. The report alleges Dewan Housing Finance Corporation (DHFL) and Reliance Capital to have used the structure to avoid disclosures.
Moneylife was the first to write a story on the report on June 8. The REDD Intelligence report said NBFCs also used similar structures to roll over loans and avoid reporting to authorities and to shareholders in violation of the ...
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