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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Last Updated December 19, 1: Indiabulls said on Aug.
Also, the report cites an example of its Capital Greens project and abusing the percentage completion method POCM in the same. Newer Post Older Post Home.
Neeraj Monga,executive vice-president and head of research at Veritas, in an interview with CNBC-TV18 reiterated that ccrumbling reports are based on publicly available data, such as the company’s regulatory filings. Monga, who is based in Toronto, no longer works at Veritas. But Veritas, which is known for making bold calls, is no stranger to controversy in India.
Leave Your Comment s. In a crumhling 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.
A file photo of the Indiabulls office in Gurgaon. He also mentioned that the company plans to approach the Securities and Exchange Board of India, the capital markets regulator, to investigate the matter. But it could not meet its non-core asset sale guidance on Aman Resorts and other assets which had, once again, put a question mark on its ability to reduce debt on books.
It also points out that after the mega IPO of the realtor in at an issue price of Rs per share, the company has seen its share price declining 57 per cent, compared to an approximate gain of 29 per cent in the stock benchmark market index Sensex in the same period.
In India, dealings with ‘related parties’ are the norm, curmbling most ‘related party’ dealings are a means to siphon funds from the publicly traded entity for the benefit of majority owners. According to the latest report by Veritas, the stock should be crumbking at Rs per share. 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, crumbljng said in its regulatory filing.
Whatever be the intention, Veritas’ aggressive approach underlies the importance of improving the standards of reporting and corporate governance in India. However, this report in question is presumptive and mischievous as the analysts have never contacted the company to seek crummbling information or clarification.
What transpired in the interim? Bandersnatch review — Netflix’s interactive episode will make you question the concept of choice Noticing and note-taking with Shubhangi Singh in the rearview mirror: A week later, Vetitas said in a statement that it would press criminal charges against the authors for publishing incorrect information.
After Kingfisher, Veritas demolishes DLF
Canadian equity research firm Veritas Investment Research has lately shaken up the usually complacent world of stock research in India by publishing several reports that question corporate governance at large Indian companies.
Indiabulls has also pressed charges of extortion, intimidation, forgery and criminal conspiracy against Monga and Veritas, Dube said. If more research houses do follow Veritas’ lead and turn the spotlight on corporate governancemore transparency will become the order of the day. One look at the airline’s accounts and Monga termed it as evifice insolvent entity whose value was zero.
Here’s why you might want to get on board. The Veritas duo believes that DLF will seek assistance from financial institutions to restructure its loans. After ripping apart the Ambanis and Mallya, Veritas also trained its guns on the murky x estate sector and decided to make DLF its next target. Monga demanded money from the group for holding back the report.
DLF inflated asset base via dealings with DAL: Veritas –
It was followed by Indiabulls Real Estate, which started life as part of Indiabulls Financial Services before being spun off as an independent company.
Log edfiice Keep me signed in. In an email response, Indiabulls said: Sanjey Roy, spokesman at the New Delhi-based company, declined crubmling comment.
Hindustan Times reported that Indiabulls accused the research of “malafide intentions” and “intentional profiteering. Aug 9, 4: Management also garnered some national awards subsequently, thereby cementing its position in the annals of Indian business stalwarts.
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Indiabulls Financial Services Ltdcame a few years later. Stock research in India generally focuses on only short-term prospects for price movements rather than bigger and more critical issues of corporate governance and accounting practices. New Year flushed with promise world over, but Kashmir stares at another period of gloom amid gunfights and clashes.
Indiabulls started life in as a brokerage firm. We believe issuing equity in a secondary offering thereby diluting shareholders, and killing the current dividend are the only reasonable options for the Company. From putting China ties on even keel to getting crucial US waivers, Modi govt managed geopolitics with flair in Exchange rate is average for reported five years.
Sensex finishes year above 36, posts third straight annual gain. We all know how that story has played out so far. From rich Asian Games medal haul to cricket team’s success in Australia, a defining year for India.