Mumbai, Jun 8 (IANS): Equity shares of Dewan Housing Finance Corporation Ltd will be delisted from the stock exchanges going ahead, as part of the resolution plan of Piramal Capital & Housing Finance Ltd.

On Monday, the Mumbai bench of NCLT had approved the resolution plan of the Piramal Enterprises' subsidiary.

"As part of the Resolution Plan, the equity shares of the Company are proposed to be delisted. Appropriate disclosures in terms of Regulation 3(3) of the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009, shall be made following receipt of the copy of the Order by the National Company Law Tribunal approving the Resolution Plan," DHFL said in a regulatory filing.

The approval came after the National Company Law Appellate Tribunal (NCLAT) on May 25 stayed the NCLT order directing DHFL's Committee of Creditors (CoC) to consider the settlement of its former promoter Kapil Wadhawan.

Piramal Group turned out to the successful bidder for the bankrupt Dewan Housing Finance Corporation Ltd (DHFL) in January, but in a strange turn of events, the Mumbai-bench of NCLT on May 19 asked the lenders of the bankrupt DHFL to consider Wadhawan's settlement offer the settlement offer of former promoter Kapil Wadhawan.

Shares of DHFL hit the 10 per cent upper circuit on Tuesday. Around 10 a.m., its shares on the BSE were at Rs 22.85, higher by Rs 2.05 or 9.86 per cent from its previous close.