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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It added that the application filed in the Delhi high court in March for merging Indiabulls Infrastructure Development with Indiabulls Power contains statements that can be characterized as misleading. Other large companies which have come under the Veritas scanner are Reliance Industries, Reliance Communications and financially stressed aviation firm Kingfisher Airlines. If more research houses do follow Veritas’ lead and turn the spotlight on corporate governancemore transparency will become the order of the day.

Indiabulls says that the allegations have ignored disclosures in the public domain. Chinese customers account for more than a third of spending on luxury products worldwide.

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 Monga, who is based in Toronto, no longer works at Veritas.

Veritas overview of recommendation. The carrier, founded by Vijay Mallya, stopped flights the following year after losses widened amid mounting debt.

Jerry Technicals – Redefining the art of stock trading: Veritas Report on DLF

Reliance to buy majority stake in renewable energy services firm Kanoda. Newer Post Older Post Home. But Monga didn’t stop short at the Ambani brothers. Sensex finishes year above 36, posts third straight annual gain. Leave Your Comment s. 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.


Aug 9, 4: Flushed with cash, RIL was not impacted much by the report, but Veritas’ second allegation against brother Anil Ambani’s Reliance Communication did hit investors and the management hard.

Veritas analyst arrested in India for extortion after rating real estate company a sell. Monga demanded money from the group for holding back the report.

DLF’s accounting gets a close look

In India, dealings with ‘related parties’ are the norm, and most ‘related party’ dealings are a means to siphon funds from the publicly traded entity for edifce benefit of majority crumblnig. It was followed by Indiabulls Real Estate, which started life as part of Indiabulls Financial Services before being spun off as an independent company. According to the latest report by Veritas, the stock should be valued at Rs per share.

Sheikh Hasina wins 3rd term as PM in Bangladesh: Also, the report cites an example of its Capital Greens project and abusing the percentage completion method POCM in the same. Some picks may be counterintuitive, some anticipated. Indiabulls this week filed a police complaint against Veritas following a veritax from the research firm advising investors to sell stocks of Indiabulls-owned companies.

Indiabulls started life in as a brokerage firm.

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.


The veeitas is Indiabulls Group, a Mumbai-based company which began in broking but branched out to real estate and other businesses. Currently, it has gross debt of around Rs 25, crore. John Archibald, a lawyer representing Veritas and Monga in Toronto, declined to comment in an e-mail Thursday, citing the separate legal action by Veritas and Monga against Indiabulls in Ontario.

He also mentioned that the company plans to approach the Securities and Exchange Board of India, the capital markets regulator, to investigate the matter.

The question of how the Ambani family shareholding had gone from 38 percent to 63 percent in the change of Reliance Communications ownership cdumbling logic, Monga told Outlook earlier this year.

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