Khushru Jijina, managing director at PCHFL who has rich experience in corporate finance, is on the committee. “His expertise could be instrumental in dealing in DHFL’s wholesale book,” said a person familiar with the matter.
Sridharan is the CEO of Piramal Retail Finance and is set to head the merged entity of DHFL and PCHFL. The indebted lender’s business will be merged with PCHFL.
The others in the committee are three senior executives working with State Bank of India, Union Bank of India and Catalyst Trusteeship, a trustee for DHFL bondholders. The committee is working on several aspects of the
resolution plan’s execution. They include the reverse merger process, issuance of new equity shares, and structuring of bonds to be issued to lenders.
While DHFL’s employees are likely to be retained as last-mile connectivity is essential, the job role of some people could be changed depending on the new business model.
Email queries sent to DHFL and Piramal Capital and Housing Finance remained unanswered till as of press time. Piramal Capital has already put in place a team of around 30 people to facilitate the ongoing merger exercise with DHFL. It is also in the process of obtaining approval from the insurance regulator IRDAI.
Piramal Capital will likely put on sale developers’ loan portfolio of about Rs 53,164 crore as it moves on a path to be a retail mortgage lender and cut lumpy builder loans, ET had reported on March 30.
On June 7, the National Company Law Tribunal had permitted PCHFL to own the indebted home financier. It also mandated the setting up of a seven-member monitoring committee to help implement the resolution plan in the next 90 days.
