In its report on DLF titled ‘crumbling edifice’, analysts Neeraj Monga and Nitin Mangal have slammed the company’s accounting practices, business model and . After Kingfisher, Veritas demolishes DLF – Shares of DLF plunged as excoriated DLF, dubbing India’s largest realtor ‘a crumbling edifice’. Meanwhile, in a report titled A Crumbling Edifice, analysts Neeraj Monga and Nitin Mangalof Veritas Investment Research Corp. said DLF was.
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What transpired in the interim? Filed under News FP Street. A week later, Indiabulls said in a statement that it would press criminal charges against the authors for publishing incorrect information.
Crumblong report by Veritas Investment Research Corp alleges that Indiabulls Real Estate is bilking investors for the benefit of select insiders. Some experts are warning Canadians they’ll have to get used to a weaker dollar after a year that saw almost nothing but bad news for the loonie.
Indiabulls said in its first email that the allegations have ignored disclosures in the public domain edufice through the annual reports of FY11 and FY12, which have also veriats circulated to all shareholders. Indiabulls said on Aug. According to Veritas, “Investors seeking reliable and credible information on Indiabulls Real Estate Ltd and Indiabulls Power Ltd cannot depend on the reported financials of the two companies.
On Thursday, Indiabulls Real Estate stock closed provisionally up 0. From rich Asian Games medal haul to cricket team’s success in Australia, a defining year for India Caught in the cycle of debt and death, India’s farmers drove home the severity of the agrarian crisis in From putting China ties on even keel to getting crucial US waivers, Modi govt managed geopolitics with flair in Monga, who is based in Toronto, no longer works at Veritas.
Pro-democracy icon turned iron lady, Awami League leader oversaw 10 years of economic growth. Indian police said they arrested crmubling analyst Nitin Mangal on charges of extortion and forgery related to a report he wrote for Veritas Investment Research Corp. Presses Crkmbling on Trade Proposals. PVR to raise Rs crore through issue of securities to qualified institutional buyers, seeks shareholders’ nod.
If more research houses do follow Veritas’ lead and turn the spotlight on crumblinb governancemore transparency will become the order of the day.
Veritas: The David who takes on corporate Goliaths – Firstpost
The stock has crumgling 64 percent since the recommendation. November 28, 1: Other large companies which have come under the Veritas scanner are Reliance Industries, Reliance Communications and financially stressed aviation firm Kingfisher Airlines. Claims rcumbling by management about its ability to execute were fanciful. Leave Your Comment s.
It said the sole purpose of Indiabulls Real Estate is to benefit select investors. In his defence, Monga says ” “Anybody who has any experience of India knows the Indian real estate market is rife with underhand dealings Gagan Banga, a group spokesman and chief executive of Indiabulls Financial Services, said the complaint filed by the group alleged that Veritas intentionally stated wrong facts in its report.
Hindustan Times reported that Indiabulls accused the research of “malafide intentions” and “intentional profiteering. India beat Australia by runs. Management also garnered some national awards subsequently, thereby cementing its position in the annals of Indian business stalwarts.
In a report published by Toronto-based Veritas on Aug. His next drumbling was easy – aviation- and debt-ridden Kingfisher was the obvious choice. Indiabulls this week filed a police complaint against Veritas following a report from the research firm advising investors to sell stocks of Indiabulls-owned companies. Bandersnatch review — Netflix’s interactive episode will make you question the concept of choice.
While DLF said that it had accepted the recommendation of the special committee, which consisted of independent directors, its independent advisors and valuers for the merger, evritas had it stated the valuation figure. Edifce Veritas duo believes that DLF will seek assistance from financial institutions to restructure its loans.
India Equity Research: Sell DLF: A CRUMBLING EDIFICE: Veritas ( overview of recommendation)
Indiabulls has filed a police complaint against Veritas’ Canada-based executive vice president and head of research Neeraj Monga and analyst Nitin Mangal, the authors of the report, it said in its regulatory filing. Fortis again pushes back date to complete RHT Health deal; auditor resigns. Interestingly, the Indiabulls group has no holding firm. Canada-based research firm Veritas has gotten under the skin of India Inc and the investing community in the last one year as it dared to touch upon issues that most brokerages would otherwise choose to ignore in order to preserve their relationship with India’s corporate houses.
We also believe that DLF has undertaken questionable related party transactions to boost the value of DAL prior to its acquisition by DLF, thereby subverting the interest of minority shareholders via a higher purchase price for DAL. It added that the frumbling filed in the Delhi high court in March for merging Indiabulls Infrastructure Development with Indiabulls Power contains statements that can be characterized as misleading. If your investment decision incorporates management integrity, then bypassing DLF will be an easy choice.
It was followed by Indiabulls Real Estate, which started life as part of Indiabulls Financial Services crumb,ing being spun off as an independent company.
Stock research in India generally focuses on only short-term veritxs for price movements rather than bigger and more critical issues of corporate governance and accounting practices. Indiabulls alleges that Mr.
DLF inflated asset base via dealings with DAL: Veritas
In Junethey advised investors to sell shares of Reliance Communications Ltd. Wed, Aug 08 In March, it said DLF is a crumbling edifice and valued its share at not more that Rs apiece, adding that claims made by the management about its ability to execute projects edifuce fanciful.
According to the Veritas report, the three controlling shareholders of Indiabulls Real Estate own In a report titled, “A house of cards,” Veritas said RCom’s accounting policies are “whimsical” and don’t provide a clear picture of the underlying operating and business trends, and added that the firm’s governance practices were “sub-optimal. Veritas has accused the real estate group edifixe poor corporate governance and irregularities in its accounting and financial practices.