“Piramal Pharma demerger process is on track and we expect that somewhere in the third quarter of the next financial year, the listing of the demerged entity should be done,” said Ajay Piramal, Chairman of Piramal Enterprises in an interview with CNBC-TV18.

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In terms of 63 Moons dispute of the Dewan Housing Finance Corporation (DHFL) recovery and the future course of action for the company regarding the National Company Law Appellate Tribunal (NCLAT) order, he said that the Committee of Creditors (CoC) and Piramal Enterprise are likely to challenge NCLAT order in a higher court.

“As far as we are concerned, the work goes on as before. But in any case, since they have said that this order of the work that the CoC had done on this is illegal, I understand the CoC will also go to a higher court and we, Piramal, are also going to a higher court because, in our view, this is changing the resolution plan. So let's wait and see what happens,” he explained.

Also Read: NCLAT tells CoC to consider 63 moons' plea in DHFL resolution plan

When asked about how much of a risk is this for the overall deal, he replied, “So the risk is only if there would be any recovery against these fraudulent claims. We have not really applied ourselves to those claims yet, because we wanted the orders to come. So, in our view, the risk is not there in terms of the amount.”

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On DHFL acquisition, he said expenses are high on account of DHFL and there is additional spending on hiring and technology.

“The disbursements have started and the costs have been high, because compared to the earlier quarter, now you have the costs of the DHFL as well. And that's why you see an increase in costs. Moreover, we are also now increasing our investments in the business particularly in retail by adding more people, by spending more on technology to build a solid robust business,” he explained.

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(Edited by : Abhishek Jha)