Latest news with #VikasLifecare
Business Standard
29-05-2025
- Business
- Business Standard
Vikas Lifecare reports consolidated net loss of Rs 2.90 crore in the March 2025 quarter
Sales rise 2.78% to Rs 135.20 crore Net Loss of Vikas Lifecare reported to Rs 2.90 crore in the quarter ended March 2025 as against net loss of Rs 1.80 crore during the previous quarter ended March 2024. Sales rose 2.78% to Rs 135.20 crore in the quarter ended March 2025 as against Rs 131.54 crore during the previous quarter ended March 2024. For the full year,net loss reported to Rs 10.61 crore in the year ended March 2025 as against net profit of Rs 14.03 crore during the previous year ended March 2024. Sales rose 7.69% to Rs 480.02 crore in the year ended March 2025 as against Rs 445.75 crore during the previous year ended March 2024. Particulars Quarter Ended Year Ended Mar. 2025 Mar. 2024 % Var. Mar. 2025 Mar. 2024 % Var. Sales 135.20131.54 3 480.02445.75 8 OPM % -16.832.74 - -5.730.86 - PBDT -3.127.06 PL -6.1327.12 PL PBT -5.245.76 PL -12.8723.47 PL NP -2.90-1.80 -61 -10.6114.03 PL
India Today
02-05-2025
- Business
- India Today
Exclusive: ED flags stock manipulation in Mahadev betting app case to Sebi, say sources
The Enforcement Directorate (ED) has disclosed details to the Securities and Exchange Board of India (Sebi) under the Prevention of Money Laundering Act (PMLA), urging the market regulator to investigate alleged stock manipulation linked to the Mahadev betting app case, sources familiar with the development told India Today ED's disclosure comes in the wake of extensive raids on April 16, targeting several small and medium-sized enterprises (SMEs) listed on Indian stock include Vikas Ecotech, Vikas Lifecare, Gensol, Balu Forge, IITL, and JT Industries -- companies suspected of being used to launder proceeds of crime and manipulate share prices. The agency's Raipur Zonal Office conducted coordinated search operations across multiple cities, including Delhi, Mumbai, Indore, Ahmedabad, Chandigarh, Chennai, and Sambalpur (Odisha), seizing Rs 3.29 crore in cash and freezing securities, bonds, and Demat accounts valued at over Rs 573 crore. Incriminating documents and digital evidence were also say the ED uncovered a pattern in which funds generated through illegal betting operations run by Mahadev Online Book -- a syndicate facilitating user enrolment on illegal betting platforms -- were funnelled into the Indian stock illicit funds were routed via benami bank accounts and then introduced as investments from foreign portfolio investors (FPIs) based in jurisdictions such as Mauritius and Dubai, the probe agency investments were allegedly used to artificially inflate the stock prices of certain SME companies, misleading retail investors and boosting company ED has also found evidence suggesting that promoters of companies like Vikas Ecotech, Vikas Lifecare, IITL, JTL Industries, and others colluded with the accused to channel tainted funds into their firms through preferential share issues, share warrant schemes, and promoter-share among those under scrutiny is Vikas Garg, promoter of Vikas Ecotech and Vikas Lifecare, who has been summoned by ED officials in Raipur. Documents recovered indicate past attempts by his companies to acquire an NBFC, a deal that was reportedly blocked by the Reserve Bank of India due to regulatory far, the ED has carried out over 170 raids in connection with the Mahadev Betting App investigation, leading to the seizure or attachment of assets worth Rs 3,002.47 crore.13 people have been arrested and 74 entities named as accused in five prosecution complaints filed in the Watch
