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Business Upturn
3 hours ago
- Business
- Business Upturn
UGRO Capital announces CEO appointment and key senior management changes
By Aditya Bhagchandani Published on July 16, 2025, 14:39 IST UGRO Capital Ltd announced a series of senior management changes following its board meeting held on July 16, 2025, as part of its leadership realignment. Anuj Pandey, earlier serving as Chief Risk Officer, formally took charge as the Chief Executive Officer (CEO) and was also designated as Key Managerial Personnel (KMP) under Section 203 of the Companies Act, 2013. His elevation was effective from July 1, 2025, and previously disclosed on June 24, 2025. The board also approved the elevation of Ms. Irem Sayeed as the new Chief Risk Officer (CRO), replacing Pandey. She has been with UGRO since its founding in 2018, previously serving as Chief Credit Officer. Mr. Sameer Nanda was appointed as Chief Revenue Officer, replacing Mr. Amit Mande, who will remain with the company until August 8, 2025, to ensure a smooth transition. Ms. Shilpa Bhatter joined as the new Chief Financial Officer (CFO), taking over from Mr. Kishore Lodha, who stepped down from his position. The company thanked both Mr. Lodha and Mr. Mande for their contributions to building UGRO's financial and revenue engines respectively. These changes reflect UGRO's intent to strengthen its leadership team as it continues its focus on growth in the MSME lending space. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Mint
19 hours ago
- Business
- Mint
Short-seller Viceroy accuses Vedanta promoters of hidden stake via welfare trust
The entity under scrutiny is PTC Cables Pvt. Ltd (PTCC), which holds a 1.91% stake in Vedanta Ltd, a company with a market capitalization of ₹ 1.75 trillion, according to BSE data. PTCC is owned by Bhadram Janhit Shalika Trust (BJST), which Viceroy alleges is controlled by the Agarwal family, founders of the Vedanta Group. According to Viceroy, PTCC received ₹ 1,500 crore in dividend income from Vedanta over the past five years, and the capital was "upcycled" to promoter-linked entities. 'PTCC exists for one purpose: to quietly recycle Vedanta's cash into promoter-controlled vehicles while maintaining the illusion of independence," the Viceroy report said. Vedanta denied the allegations. 'These assertions are baseless," a spokesperson for the company said, adding that the company was compliant with the disclosure norms as stipulated by the Securities and Exchange Board of India (Sebi) and the Companies Act, 2013. 'Neither BJST nor PTCC are part of the promoter group as defined under applicable regulations, and their shareholding has been transparently disclosed in public filings," the spokesperson added. A day after Viceroy released its report, JP Morgan had issued a note, telling investors not to get distracted by the allegations on corporate governance and financial management, and that the global brokerage had an Overweight rating on both Vedanta Resources Ltd and Vedanta Ltd. Viceroy's claims are based on publicly available records. In a 2009 income-tax case, BJST's correspondence address was listed as Anil Agarwal's personal residence in Mumbai. In another case, the trust's address was that of Todarwal & Todarwal, a firm linked to Arun Todarwal, who currently serves as a director on the board of Sterlite Power Grid Ventures, a Vedanta subsidiary. Todarwal has also previously served as a director on the boards of Hindustan Zinc Ltd, Sterlite Technologies, MALCO, and BALCO. The report acknowledged that no conclusive documentation of current control was available, noting that Indian trusts are subject to less stringent disclosure obligations compared to companies. Viceroy also cited unnamed former Vedanta employees who claimed that the Agarwal family's control over PTCC was an "open secret" within the company. In addition to alleging hidden promoter ownership, the report flagged governance concerns at PTCC. The company was incorporated in 1993 with the Agarwal family as shareholders and was transferred to BJST in 2017. Its current directors are Todarwal and Kannan Ramamirthan. Ramamirthan is an independent director of Hindustan Zinc, Vedanta's most profitable subsidiary. He has also previously served on the boards of other Vedanta group firms, including Talwandi Sabo Power Plant, BALCO, Sterlite Energy, and Sterlite Interlinks. Vedanta has not disclosed in its filings that PTCC—classified as a public shareholder—has directors with long-standing associations with the group. The company did not respond to a specific query on this issue. Calls and emails to Todarwal for a comment did not elicit a response. Mint could not reach Ramamirthan for a comment. Concerns about the independence of BJST and PTCC are not new. In a 2020 note, proxy advisory firm Stakeholder Empowerment Services (SES) had said that BJST was previously known as the SIL Employee Welfare Trust and was linked to Sterlite Industries Ltd, which was later merged into Vedanta. The trust was subsequently renamed as BJST. 'It is not clear as to who presently controls the BJST," SES had written. However, if the firm was under the control of Vedanta, then PTCC should be classified as a promoter shareholder, it said. Viceroy's first report on the Vedanta Group was published on 10 July, a day before Vedanta Ltd's annual general meeting (AGM). The initial report triggered a drop in the company's stock, though shares later recovered. At the AGM, shareholders reposed their faith in the company. Since the report's release, Vedanta shares have gained 2% to close at ₹ 449.75 on Tuesday. Also Read | Vedanta shareholders back firm after Viceroy report Viceroy has disclosed a short position in the bonds of Vedanta Resources, the unlisted holding company of the group, but said it has no exposure to Vedanta Ltd or any other listed Vedanta entities in India.
Business Recorder
a day ago
- Business
- Business Recorder
Fazal Cloth Mills denies knowledge of price trigger as stock soars 132% in 30 days
Fazal Cloth Mills Limited (FZCM) said that it was not aware of any matter contributing to the unusual movement in the share price of the company during the recent period. The mills dismissed the reports in a notice to the Pakistan Stock Exchange (PSX) today. 'The letter requires the company to furnish the reasons and/or any material information in the Company's knowledge which may have resulted in substantial increase in price of FZCM during the preceding period,' it wrote in its notice. In the last 30 days, the share price of Fazal Cloth Mills has risen from Rs169 to Rs391.99, a significant increase of 132%. The company, in its notice on Tuesday, said that there was no material information which has not previously been disclosed to the market in this regard. 'We assure you that the Company is fully cognizant of all applicable legal requirements with regard to dissemination of material information and if there will be any material information the same will be disseminated in accordance with the applicable requirements of the Securities Act, 2015 and Rule Book of Pakistan Stock Exchange Limited.' The mill was set up under the Companies Act, 1913 (now, Companies Act, 2018) in 1966 as a public limited company. It manufactures and sells yarn and fabric. Currently, it has seven spinning units with all of which have a captive gas-fired power generation with a capacity of 38.72 MW.
Business Standard
a day ago
- Business
- Business Standard
Bluegod Entertainment To Consider And Approve Stock Split; Board Of Directors Meeting On 16 July
PNN New Delhi [India], July 15: Board of Directors of Bluegod Entertainment Limited (BSE - 539175), formerly known as Indra Industries Limited, is scheduled to meet on 16th July 2025 to consider and approve the proposal for stock split/subdivision of equity shares of the company. Currently the face value of the company share is Rs. 10 per share. The stock split will be subject to approval of the Shareholders and such authorities as may be required under Section 61 of the Companies Act, 2013. Bluegod Entertainment Limited continues to register an upward momentum financially. The company reported robust financial performance for the quarter and year ended March 31, 2025. Annual sales rose by 511% to Rs. 2.30 crore from Rs. 45 lakhs in FY24. Net profit for FY25 was Rs. 1.82 crore in FY25, 10 10-fold increase from Rs. 0.17 crore net profit in FY24. For Q4 FY25 alone, the company recorded Rs. 2.04 crore in net revenue and Rs. 1.87 crore in net profit. This reflects solid quarter-on-quarter growth backed by stronger performance across business verticals. Company continues to make significant strides in its transformative journey. The company is expanding its footprint in the entertainment sector through new film acquisitions, regional content ventures, and high-impact intellectual properties, while maintaining strong financial growth and strategic direction. Highlights: * For Q4 FY25, revenue stood at Rs. 2.04 crore with net profit of Rs. 1,87 crores * Successfully raised Rs. 48.57 crore via rights issue of 4.86 crore equity shares at Rs. 10 per share * Funds raised to support working capital and general corporate purposes * The company has ventured into the entertainment sector and has bought rights for a few feature films To fuel its expansion plans, the company recently completed a Rights Issue, raising Rs. 48.57 crore through allotment of 4,85,78,025 equity shares at a fixed price of Rs. 10 per share. The rights entitlement ratio for the rights issue was 15:2 (15 Rights Equity Shares for every 2 fully paid-up Equity Shares held on the Record Date of May 15, 2025). The issue was approved by the Board, and allotment was completed on June 23, 2025. The company also voluntarily appointed a SEBI-registered Credit Rating Agency to monitor the utilization of funds in accordance with SEBI (ICDR) norms. The issue was listed on June 16, 2025 and was oversubscribed by 1.06 times. The proceeds from the issue. The proceeds from the rights issue will be deployed to augment the existing and incremental working capital requirements of the company and for general corporate purposes. The company has diversified its portfolio and entered the entertainment industry with a focus on regional content. Bluegod Entertainment Limited has recently engaged in multiple film agreements. The company acquired the film "Roti Kapda aur Internet" from Laddu Gopal Ventures Private Limited. The company also secured the rights for two Gujarati films from Artment Films Limited: "Pressure" for Rs. 80 lakhs and "Choranta" for Rs 1 crore. Lastly, Bluegod Entertainment Limited also finalised a production agreement with Rajpal Naurang Yadav Ventures Pvt. Ltd. for the feature film "Nannhen Ki Shaadi," with a budget of Rs. 2 crores. About Bluegod Entertainment Limited: Established in 1984 and headquartered in Indore, Bluegod Entertainment Limited (formerly Indra Industries Limited) has evolved from its core manufacturing operations to include entertainment and media ventures. They are the leading manufacturer of Single Super Phosphate (SSP) fertilisers and have also diversified into polymers, producing HDPE and PP woven sack bags for sectors like cement and fertilisers. With a renewed strategic focus and ongoing expansion, the company aims to position itself as a key player in both segments.
Business Recorder
a day ago
- Business
- Business Recorder
IHC suspends earlier order directing TRG Pakistan to hold elections
TRG Pakistan Limited (TRG) informed that the Islamabad High Court (IHC) has issued an interim order suspending its earlier judgment. The development, announced by TRG in its notice to the Pakistan Stock Exchange (PSX) on Monday, stems from a writ petition filed by a shareholder holding 55,000 shares (0.01%) of TRG Pakistan against the Securities and Exchange Commission of Pakistan (SECP), TRG Pakistan, and others. The petitioner sought a directive for the company to hold board elections. In this respect, the IHC passed an order on June 30, 2025, directing the SECP to invoke its powers under Section 147 of the Companies Act, 2017 and call an Extraordinary General Meeting (EOGM) of TRG Pakistan to conduct elections per law. At the time, TRG Pakistan stated that the 'order has several shortcomings and irregularities, and is in the process of filing an Intra-Court Appeal (ICA) in the Islamabad High Court'. Subsequently, TRG Pakistan Limited on Monday confirmed that it has received a certified copy on July 12, 2025, of an order passed by the IHC related to an intra-court appeal filed against the ruling in Writ Petition No. 2337 of 2025. 'The Islamabad High Court has taken cognisance of the matter, issued notices and passed an interim order suspending the operation of the impugned judgement in Writ Petition No. 2337 of 2025 till the next date of hearing,' read the notice. At the time of filing this story, TRG's share price was hovering at Rs57.95, a loss of Re0.12 or 0.21%. Earlier this month, the Supreme Court of Pakistan ordered a status quo on a Sindh High Court (SHC) ruling in favour of former TRG Pakistan CEO Zia Chishti. The SHC had issued a ruling on June 20, 2025, abating a $53 million tender by TRG Pakistan's largest shareholder, Greentree Holdings, as well as annulling Greentree's shareholding and ordering elections. Greentree subsequently appealed the ruling at the apex court, which led to an interim order asking all parties to maintain the status quo.
