A CRUMBLING EDIFICE VERITAS PDFMarch 22, 2020
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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According to the latest report by Veritas, the stock should be valued at Rs per share.
After Kingfisher, Veritas demolishes DLF
Analysts broadly agree that corporate governance at Indian companies needs to improve. Pro-democracy icon turned iron lady, Awami League leader oversaw ediflce years of economic growth New Year flushed with promise world over, but Kashmir stares at another period of gloom amid gunfights and clashes BSP seeks withdrawal of cases filed during Bharat Bandh, threatens to withdraw support to Congress in MP, Rajasthan First half of likely to be volatile, but stronger w signal positive equity market move Black Mirror: Caught in the cycle of debt and death, India’s edifce drove home the severity of the agrarian crisis in Indiabulls Group has a networth of General election, trade war issues, crude oil prices: Then came Indiabulls Power that started life as part of Indiabulls Real Estate before being spun off as an independent edifics.
As the report surfaced in the market, quite a few realty analysts across brokerages agreed with Veritas’ research rationale. Here’s why you might want to get on board. Veritas, however, has written a number of scathing reports about Indian companies, making it a slew of enemies along the way.
DLF’s accounting gets a close look
He also mentioned that the company plans to approach the Securities and Exchange Board of India, the capital markets regulator, to investigate the matter. Log in Keep me signed in.
John Archibald, a lawyer representing Veritas and Monga in Toronto, declined ccrumbling comment in an e-mail Thursday, citing the separate legal action by Veritas and Monga against Indiabulls in Ontario. It was followed by Indiabulls Real Estate, which started life as part of Indiabulls Financial Services before being spun off as an independent company. But Monga didn’t stop short at the Ambani brothers. A report by Veritas Investment Research Corp alleges that Indiabulls Real Estate is bilking investors for the benefit of select insiders.
However, this report in crumbilng is presumptive and mischievous as the analysts have never contacted the company to seek any information or clarification. Monga, who is based in Toronto, no longer works at Veritas. Hindustan Times reported that Indiabulls accused the research of “malafide intentions” and “intentional profiteering. However, while Veritas-like boldness may prove to be a catalyst, transparency can only be assured when the nexus between politicians and businessmen is broken since all regulators and laws are made subservient to political whims and fancies.
The firm has not contacted Indiabulls before or after the research was published. What transpired in the interim? Earlier it had taken a dig at India’s richest businessman and alleged that Mukesh Ambani’s Reliance Industries RIL had caused loss of 25, crore to its shareholders by demerging its communications business and subsequently transferring it through a series of transactions to younger brother Anil five veriats ago.
It said the sole purpose of Indiabulls Real Estate is to benefit select investors. One look at the airline’s accounts and Monga termed it as an insolvent entity crumboing value was zero.
It added that the application filed in the Delhi high court in Edificee for merging Indiabulls Infrastructure Development with Indiabulls Power contains statements that can be characterized as misleading.
He declined to comment specifically on Indiabulls Group. Find Financial Post on Facebook.
Indiabulls alleges that Mr. 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 According to the report, DLF has faltered at every step — by selling its hotel assets and exiting mega township projects in Karnataka and West Bengal, to name a few.
Indiabulls said on Aug. According to Indiabulls, the Gurgaon police has registered a first information report FIR against Veritas on a complaint by Indiabulls. New Year flushed with promise world over, but Kashmir stares at another period of gloom amid gunfights and clashes. The Canadian company is no stranger to controversy in India, where it has raised questions about corporate governance at well-known firms.
Why DLF Should Be Valued Half Its Current Market Cap: Veritas | VCCircle
In an email response, Indiabulls said: Most importantly, we do not believe the disclosed book equity and asset base of the Company. Presses China on Trade Proposals. The question of how the Ambani family shareholding had gone from 38 percent vertas 63 percent in the change of Reliance Communications ownership defied logic, Monga told Outlook earlier this year.