Latest news with #JointVentureAgreement
Mint
10 hours ago
- Business
- Mint
400% rally in four years! Small-cap multibagger stock to be in focus on Monday; here's why
Small-cap multibagger stock Pavna Industries will remain in focus in Monday's trading session after the company announced that the company will form a joint venture company with SmartChip Microelectronic Corporation, on Thursday, August 14. Pavna Industries share price fell over 2.68 per cent to close at ₹ 407.30 apiece on Thursday, as compared to previous close of ₹ 418.50 on Wednesday. The small-cap stock has remained volatile in the short-term. The stock gained nearly 7 per cent in past five trading sessions, however, descended 5.68 per cent in a month. Pavna Industries shares have given multibagger returns to its long-term investors by soaring over 400 per cent in four years. In an exchange filing dated August 14, the company informed the exchanges that there is a Joint Venture Agreement executed between Pavna Industries and SmartChip Microelectronic Corporation. The joint venture formed will undertake and carry on the business of making electronic components for the automobile industry. ' The proposed Joint Venture (JV) Company to carry on the business of inter alia making electronic components for the automobile industry (ICE & EV) and for other industries like hardware for cupboard/door locks etc. in residential/commercial industries, aero, medical Pavna,' the company said in the filing. The proposed shareholding structure for the joint venture will see Pavna Industries Limited holding a majority stake of 80 per cent, while SmartChip Microelectronic Corporation will own the remaining 20 per cent. The Authorised and paid-up capital of the company shall be ₹ 5,00,000 (Five lakh) divided into 50,000 (Fifty Thousand) Equity Shares of ₹ 10/- each. The company further informed the exchanges that the joint venture will be subsidiary of Pavna Industries Limited with 80 per cent holding and four directors will be nominated by Pavna Industries and one Director shall be nominated by SmartChip Microelectronic Corporation. ' The Equity Shares of proposed Joint Venture Company will be subscribed at a price of Rs. 10/- each by Pavna Industries Limited and Smartchip Mircoelectronic Corporation,' it said in case of issuance of shares to the parties. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Int'l Business Times
4 days ago
- Business
- Int'l Business Times
Dev Pragad Accused of Stealing Newsweek in Bombshell Lawsuit
The publisher and chief executive officer of Newsweek , Dev Pragad, is at the center of a blistering lawsuit that paints a picture of betrayal, manipulation, and self-enrichment at the expense of the magazine's founding investors. Filed in the Supreme Court of New York's Westchester County on August 5, 2025, the amended complaint is brought by six of the original co-owners who helped acquire and rebuild Newsweek in 2013 — Winnie Wong, Nancy Lee, Sylvia Lee, Younseok "Titus" Choi, James Yang, and Moonsoo "Martin" Jung. Together, they accuse Pragad of fraud, theft, and a calculated effort to seize the historic brand for himself, while siphoning millions of dollars out of the company and living a luxury lifestyle. The plaintiffs say they, along with other early backers, rescued Newsweek from obsolescence, investing millions of dollars, years of labor, and their professional reputations to revive a magazine whose print edition had been shuttered and whose website did not exist. They relaunched from scratch, returned the title to print, licensed it globally, and rebuilt its editorial operation with top-tier talent. By contrast, they say, Dev Pragad contributed nothing to the acquisition or its early turnaround. His entry came in 2018 — five years after the purchase — when then-leader Etienne Uzac was under legal pressure from a Manhattan District Attorney's investigation into IBT Media, the holding company for Newsweek . According to the lawsuit, Pragad exploited this crisis by lobbying to take over as Newsweek 's owner, telling co-venturers that the DA's office had requested he be given the full ownership in order to "reduce the heat" on the company. Tony Lin, a witness present during key meetings, swore in an affirmation that this claim was made repeatedly in August 2018. Years later, that justification collapsed. In 2023, former lead prosecutor Solomon Shinerock told attorney Adam Kaufmann — and through him, the plaintiffs — that no one in the Manhattan DA's office had ever made such a request to Pragad or anyone else. The plaintiffs now describe Pragad's DA story as pure fabrication, "designed solely to fraudulently induce" them into supporting his takeover. In 2018, the group entered into a Joint Venture Agreement. On paper, Pragad would hold ownership of Newsweek through NW Media Holdings Corp., but only as a steward for the benefit of all joint venturers. He promised to report regularly on operations, share profits and losses equally, and — most critically — to return his stake for a nominal price if he ever left the partnership. For several years, he attended weekly Sunday meetings at the group's Dover Plains, NY offices to brief members and seek approvals. But by early 2022, tensions erupted. The group decided not to renew his three-year term and began preparing to return leadership to Uzac. The complaint alleges that Pragad resisted, tried to renegotiate the agreement to keep Newsweek , then abruptly severed ties in April 2022 — while keeping the magazine. The plaintiffs say Pragad wasted no time consolidating his position and enriching himself. According to court filings, he: They also accuse him of waging a legal and editorial harassment campaign against former partners, including instigating roughly 20 negative articles under the Newsweek brand. In sworn statements, co-founders describe deep personal betrayal. James Kong, who invested $200,000 in 2013, calls Pragad's claim of sole ownership a "clear breach" of their agreement. Developer Moonsoo Jung says Pragad's tenure was marred by a 2018 BuzzFeed-reported digital ad fraud scandal and "shallow schemes for money," while investor David Enwright calls him a "skillful liar" who "shamelessly stole Newsweek " without contributing "a cent" to its creation. Others describe how Pragad courted their trust in small-town Sunday meetings, only to later turn on them. "He was supposed to return Newsweek if he severed ties with us," Sylvia Lee said. "That is what was agreed upon during our Sunday meetings". The lawsuit seeks specific performance — a court order forcing Pragad to return Newsweek to its original ownership group — or alternatively to place it into a Delaware trust with no beneficial owners, ensuring it can never again be taken over for private enrichment. They also seek rescission of the 2018 agreement and restoration of all assets and consideration they gave to Pragad. A parallel federal case in the Southern District of New York, led by Uzac and involving out-of-state investors, makes similar allegations of corporate theft. Together, the two suits depict a years-long strategy to turn a collaborative revival project into a personal empire — and a bitter fight over who truly owns one of the most recognizable names in American journalism. As of publication, Pragad has not publicly responded to the allegations. If proven, the charges could amount to one of the most brazen corporate hijackings in recent media history, tarnishing not only the man at the center of the storm but the institution he now controls.
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Business Standard
26-06-2025
- Automotive
- Business Standard
ASK Automotive hits record high on JV with TD Holding; up 18% in 7 sessions
Shares of ASK Automotive rose over 5 per cent on Thursday after the board approved forming a joint venture with Germany's T.D. Holding GMBH to manufacture and market sunroof and helix cables. The auto components maker's stock rose as much as 5.14 per cent during the day to ₹526.6 per share, the biggest intraday gain since June 18 this year. The stock pared gains to trade 3.14 per cent higher at ₹516.6 apiece, compared to a 0.35 per cent advance in Nifty 50 as of 11:15 AM. Shares of the company have gained for the seventh straight session, rising over 18 per cent in the process. The counter has risen 8.6 per cent this year, compared to a 7 per cent advance in the benchmark Nifty 50. ASK Automotive has a total market capitalisation of ₹10,193.26 crore, according to BSE data. ASK Automotive - TD Holding joint venture ASK Automotive's Board of Directors, at its meeting held on June 25, 2025, approved entering into a joint venture with T.D. Holding GMBH (TDH) to manufacture, market, and sell sunroof control cables and helix cables for passenger vehicles. The new Joint Venture will be incorporated following the execution of the Joint Venture Agreement (JVA), the company said in the exchange filing on Wednesday. ASK Automotive will hold a 49 per cent stake in the JV and invest up to ₹2.45 crore in one or more tranches, including an initial infusion of ₹49 lakh at the time of incorporation. The remaining 51 per cent stake will be held by TDH, accordong to the statement. ASK Automotive Q4 results The company's net profit rose 20.62 per cent to ₹57.61 crore in the quarter ended March 2025, compared to ₹47.76 crore in the same quarter of the previous year. Revenue increased 8.58 per cent to ₹849.67 crore, up from ₹782.51 crore in the March 2024 quarter. ASK Automotive has been supplying safety systems and critical engineering solutions with in-house designing, developing and manufacturing capabilities. Their offerings are powertrain agnostic, catering to electric vehicle (EV) as well as internal combustion engine (ICE) original equipment manufacturers (OEMs). The company operate nearly 15 manufacturing facilities across five states in India and is developing one new manufacturing facility in Rajasthan as well.
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Business Standard
01-05-2025
- Business
- Business Standard
Dixon, Inventec form joint venture to manufacture PCs and servers in India
Electronics manufacturing services company Dixon Technologies has entered into a joint venture agreement with Taiwanese IT hardware giant Inventec Corporation for manufacturing personal computers, components and servers in India. The joint venture, Dixon IT Devices Private Limited, will focus on manufacturing notebook PC products, desktop PC products, including components, and servers within India, according to a regulatory filing. "Dixon Technologies (India) Limited (Company) has on 30 April 2025 entered into a Joint Venture Agreement with Inventec Corporation and Dixon IT Devices Private Limited, (JV Company), a wholly owned subsidiary of the Company (JV Agreement) for governing inter-se relationship of the Company and Inventec Corporation in respect of operation and management of the JV Company," the filing said. Under the terms of the agreement, Dixon Technologies will hold a 60 per cent stake in the joint venture, while Inventec Corporation will own the remaining 40 per cent. The agreement includes provisions for board representation, with Dixon nominating three directors and Inventec two. "With Dixon's operational efficiency and local expertise and Inventec's technological prowess in the IT hardware segment, we shall be striving to produce high-quality products while driving technological innovation and contributing to the development of India's IT infrastructure. The partnership aligns with the Government of India's vision of promoting domestic manufacturing & self-reliance under the Make in India scheme," Dixon's Vice Chairman and Managing Director, Atul B. Lall said. Inventec President Jack Tsai said the partnership significantly enhances the firm's operational agility and service coverage within the Indian market. Inventec, established in 1975 and recognised as one of the world's top five PC original design manufacturers (ODMs), manufactures notebooks, desktops, all-in-one PCs, servers, and handheld devices. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard
21-04-2025
- Business
- Business Standard
DCX Systems spurts on strategic JV with Israel's ELTA Systems
DCX Systems rose 5.07% to Rs 259.90 after the company announced the execution of a Joint Venture Agreement (JVA) with ELTA Systems, a subsidiary of Israel Aerospace Industries (IAI), and its group companies. The partnership aims to establish a new Joint Venture Company (JVC) in India focused on developing advanced radar systems under the governments "Make in India" initiative. The JVC will specialize in airborne maritime radar systems, fire control radar systems and other radar technologies designed for both airborne and land applications. According to the filing made by DCX Systems with the stock exchanges today, the venture underscores a long-standing relationship between the two entities and leverages complementary expertise in the radar and defense electronics space. As per the agreement, ELTA Group will hold a 63% stake in the new entity and DCX Systems will hold the remaining 37%. Initially, the board of the JVC will comprise four directorsthree from ELTA and one from DCX. However, upon DCXs full investment into the venture, the board will expand to five directors, with DCX gaining one additional seat. Leadership positions in the new company, including CEO and CFO, will be nominated by ELTA, subject to board approval. ELTA will also grant the JVC an exclusive license to use its radar technology in India, except for government-to-government (G2G) and government-to-commercial (G2C) projects. This collaboration is expected to significantly enhance Indias indigenous radar manufacturing capabilities. The move is aligned with India's push to reduce dependence on imports in the defense sector and become a global defense production hub. The agreement outlines various governance and operational structures, including reserved matters, intellectual property rights, and a call option mechanism in the event of a deadlock. No related party relationships exist between the two entities, and the proposed equity shares to be issued to DCX will be priced at fair market value, in compliance with applicable laws. DCX Systems is an Indian defense manufacturer specializing in the production and supply of electronic systems, subsystems, and cable & wire harness assemblies for international and domestic customers. On a consolidated basis, net profit of DCX Systems declined 25.19% to Rs 10.01 crore while net sales rose 0.93% to Rs 200.01 crore in Q3 December 2024 over Q3 December 2023.
