Latest news with #SonalShrivastava
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Business Standard
30-07-2025
- Business
- Business Standard
Vedanta refunded ₹1,030 cr brand fee to unit after ED scrutiny: Viceroy
Investigative financial firm Viceroy Research has alleged that Vedanta Resources Ltd (VRL) was forced to refund ₹1,030 crore (around $123 million) to its subsidiary Vedanta Ltd (VEDL) following regulatory scrutiny by the Enforcement Directorate (ED) in 2023. The brand fee was first disclosed in Vedanta's FY24 financials without explanation. The report, published on Wednesday, claims that the payment, termed a "brand fee rebate", was made after the ED questioned the legality of certain intercompany remittances, but was never disclosed to bondholders or the market. According to Viceroy, the ED summoned VEDL's CFO and executive team in July 2023 over what it described as irregular brand fee payments to VRL. These payments, allegedly made in an ad hoc manner whenever the parent company faced liquidity stress, were deemed non-compliant with the Foreign Exchange Management Act (Fema) and corporate governance rules. Newly appointed CFO Sonal Shrivastava had appeared before the ED alongside a non-board executive, while CEO Sunil Duggal skipped the interview. Shrivastava resigned just five months later, the report claimed. The report described the refund not as a voluntary correction but as a direct outcome of regulatory pressure. It is alleged that the brand fee mechanism effectively functions as an 'interest-free rolling credit facility' from VEDL to VRL, lacking any clear commercial justification. In FY25 alone, Viceroy claims VEDL and its subsidiaries paid $361 million (₹3,085 crore) in brand fees to VRL, which roughly amounts to 15 per cent of VEDL's net income. These payments, the report says, helped service VRL's $4.9 billion net debt and $835 million annual interest burden. Background: Prior allegations against Vedanta The allegations against the Anil Agarwal-led group first appeared in an 87-page report released by Viceroy Research on July 9. The firm accused Vedanta Resources of being a 'parasite' that is 'systematically draining' Vedanta Ltd to service its own debt obligations. Viceroy further claims that the conglomerate is built on 'unsustainable debt, looted assets, and accounting fiction.' Vedanta dismissed Viceroy's allegations Vedanta dismissed the allegations, calling the report 'a malicious combination of selective misinformation and baseless allegations to discredit the group'. The company stated that Viceroy made no attempt to contact it before publication and claimed the report was intended 'solely to create false propaganda'.
Mint
22-04-2025
- Business
- Mint
Waaree Energies share price jumps 5% ahead of Q4 results. Should you buy or sell?
Waaree Energies share price surged as much as 5 per cent in Tuesday's trading session ahead of company's fourth quarter results announcement on April 22. At 9:46 am, Waaree Energies shares were up 5.20 per cent, trading at ₹ 2,571.20 on National Stock Exchange (NSE). Waaree Energies shares have gained over 6.20 per cent in a month and nearly 10.40 per cent in six months. Renewable energy company is all set to announce its financial results for the quarter ending on March 31, 2025. In a an exchange filing, Waaree Energies stated that its Board of Directors will meet on April 22 to review and approve the audited standalone and consolidated financial results for the quarter and year ending March 31, 2025. The company will hold a conference call with analysts and investors at 11 a.m. on April 23 to discuss its fourth-quarter results and FY25 performance. Amit Paithankar (Whole Time Director and CEO), Sonal Shrivastava (Chief Financial Officer), Abhishek Pareek (Group Head - Finance), and Rohit Wade (General Manager - Investor Relations) - will be among the company's spokesperson for the conference. Waaree Energies share price also gained following the US's decision to impose anti-dumping duties on solar equipment imports from four Southeast Asian nations. On Monday, the US imposed new tariffs of up to 3,521% on imports from Cambodia, Vietnam, Malaysia, and Thailand, following an investigation initiated during former President Joe Biden's administration. The probe was requested by American solar manufacturers. These duties will come on top of the broad tariffs introduced by U.S. President Donald Trump, which have disrupted global supply chains and markets. Known as antidumping and countervailing duties, they are intended to counteract the impact of what the Commerce Department deems unfair subsidies and pricing practices. Sumeet Bagadia, Executive Director at Choice Broking has given a target price of ₹ 2700-2750, with a stop loss of ₹ 2450. Bharat K Gala, COO at Ventura, said, 'The stock started its downfall from 3740 (Nov 2024). Steady continuous downtrend prevailed, and the stock made a low of 1808(April 2025). The stock continuously traded below average From Dec 2024 to March 2025. Recently the stock rallied to 2610 on continuous buying support. As seen in the above charts recently the stock started trading above averages after a long time and all averages have turned upwards. Indicators like KST, Aroon Up Down & ADX suggest Positive Uptrend. Target of 3000-3300 is expected & further addition is suggested at lower support levels (2420-2305 -2115) in case of intermediate fall. Any intermediate fall should be used to buy the stock. The stop loss in the trade should be kept at 2070.' 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. First Published: 22 Apr 2025, 09:38 AM IST
