I would start by admitting that I hold some NCDs of DHFL.
I had an account with HDFC Securities and back in those days I just trusted the relationship manager and put money upon his saying without asking any questions. One of the reasons was he hailed from a place close to my hometown. So you form such biases, a trust. I made a mistake there. I have nothing against him, but later I realized that no one can manage your money better than you and the only way out is you have to learn. There is no other way. You have to know yourself first in a better way in order to venture out. I started reading online what is this and that and slowly I shifted my account to Zerodha to switch on DIY mode.
Coming back to the DHFL case, the NCDs are trading at a discount and it is a notional loss as of now. Recently I read an article by Sucheta Dalal (the same person who exposed Harshad Mehta Scam) that DHFL FD and NCD holders would have to take a haircut. Please note this article is a month old and the voting is over and Piramal has won the bidding for DHFL.
This haircut news came to me as a surprise as my ex-relationship manager had told me that NCD is secured and it’s a AAA rating, unlike an FD which is unsecured. After reading the article and watching the video, it has become even murkier with the possible underlying vested interests at the cost of retail investors.
Currently, 63 moons, one of the largest investors in DHFL NCDs is leading the legal battle. I had even sent an email to 63 moons about how to join the fight but didn’t get any response.
Can I request you to update this thread from time to time as the DHFL case progresses like you covered the FT case?