Audio recording is available on company web site
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Thanks mck.
Here is the link for the same.
Regards
Also likely to monetize the land parcel to increase cash flow. Mr Sachin seemed to be very confident while replying the questions.
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But one thing which Mr. Sachin said on the call was “the projects which are soon to be delivered/given OC/almost complete” will be sold under the IBREL brand name. As a customer who is buying flats/apartment, I would not know whether it’s the new management (Embassy guys) or India Bulls Real Estate guys selling. For a customer it is still India Bulls apartment, so how would they be able to sell that inventory that quick if it still has the tag of India Bulls?
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Considering the delays of Embassy projects I would not make the assumption that the Embassy brand will fare much better. I think sales will only pick up once they get the OC for all such projects.
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Maybe there is no single correct option to this question.
Here is a Q&A to arrive at a decision…
-
What % of allocation is in this particular name? Out of total equity portfolio
-
How long have you been holding it? Less than 1Y or more?
-
Do you have any plans for tax harvesting?
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Weigh if it is okay to convert paper loss to actual loss?
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What will do once you generate the cash?
Remain in cash to take care of some other expenditure
or
buy something else (existing name or a New one that has fallen similar to what you mentioned)? -
What if the new name also falls after you take a position or maybe the one you sold out starts moving up?
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Plus, the overall market is down & as of now bottom remains unknown.
The point is, nobody knows a thing, beyond a point.
You will have to ask a few Q’s to yourself and then find the probable answers and make a decision.
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Merger decision again postponed to next NCLT hearing on 8th of September.
Proceeding Details
filename (1).pdf (73.5 KB)
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Lets wait for the detail order to be updated on the NCLT website. Cannot assume that its merely adjourned to another date without any progress in the merger process.
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CP (CAA) No. 14/Chd/Hry/2022
(Second Motion)
THE NATIONAL COMPANY LAW TRIBUNAL
CHANDIGARH BENCH, CHANDIGARH
(through web-based video conferencing platform)
Item No. 29
CP (CAA) No. 14/Chd/Hry/2022
(Second Motion)
Under Sections 230-232 of the
Companies Act, 2013
In the matter of:-
Nam Estates Pvt. Ltd. …Petitioner Company-Transferor Company
With
Indiabulls Real Estate Ltd. …Petitioner Company-Transferee Company
Present through Video Conferencing:
Mr. Vaibhav Sharma, Advocate for petitioner companies.
Mr. Yogesh Putney, Senior Standing Counsel with Mr. Harveet
Singh Sehgal, Advocate and Mr. Yatin Chadha, Advocate for
Income Tax Department.
Mr. S Ravi, Senior Advocate with Mr. K V Girish Dhankeula
Dharnish, Advocate for applicant-Intervener.
Heard the learned counsel for parties. Compliance affidavit vide
Diary No. 00293/4 dated 22.07.2022 alongwith report of the RD vide Diary No.
00293/3 dated 27.07.2022 and response thereto vide Diary No. 00293/5 dated
28.07.2022, have been filed. The same are taken on record. CCI report is also
received vide Diary No. 205(1) dated 09.06.2022 and letter from the Income
Tax Department has also been received vide Diary No. 259 dated 04.07.2022.
The same are also taken on record. Learned Senior Standing Counsel for
Income Tax Department has requested some more time to seek instructions. In
the meanwhile, he is directed to collect a copy of the letter received from the
Income Tax Department and also share the same with the counsel of the
petitioner; he is also directed to file his report at least one week before the next
date of hearing and response thereto, if any, be filed at least three days before
the next date of hearing with a copy in advance to the counsel opposite. Last
opportunity is being given to Security Board of India to furnish its report, if any,
at least one week before the next date of hearing with a copy in advance to the
counsel opposite, failing which it will be presumed that SEBI has nothing to say
in the matter. Response thereto, if any, be filed at least three days before the
next date of hearing with a copy in advance to the counsel opposite.
2. Mr. S Ravi, Senior Advocate, learned counsel for applicantintervener has mentioned that he has filed an application vide Diary No. 1763
dated 27.07.2022 which is not listed today. He is directed to check it with the
Registry and if it is in order let the same be listed on the next date of hearing.
He is also directed to share a copy of the application alongwith entire paper
book with the learned counsel for petitioner companies and reply to the same, if
any, be submitted at least one week before the next date of hearing with a copy
in advance to the counsel opposite. The matter be listed on 08.09.2022.
Sd/- Sd/-
(Subrata Kumar Dash) (Harnam Singh Thakur)
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Q1FY23 Results Out. Quite Disappointing. Joint MD and CFO have now resigned.
Why disappointing? Net debt has halved due to 800cr QIP last quarter. collections have improved and the company expect net surplus of 8k cr (total mcap 3000-4000cr). Classic profit and revenue are meaningless for Real Estate companies.
Didn’t know about the CFO resignation and couldn’t find anything on the net around his resignations. Was that part of the management change that is meant to happen post merger (in which case it is a positive sign)?
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I am not seeing CFO leaving is negative, as once embassy takes the execution in their control, they want the new mgmt to take charge. So they started replacing all old ibull mgmt. This resignation also one such case
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The company has closed the land deal worth 580 crores. Considering the current Debt level of 464 crore, the company has turned net debt free. A huge positive for the company irrespective of the merger story. Management is walking the talk, NCLT approval is the next milestone to watch.
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This is a major milestone and NCLT case will be another one in next few days . Considering tail winds in Real estate sector , such a strong balance sheet can be leveraged significantly over coming years .
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Add to this erstwhile promoter Sameer give 900cr money dues respect to London sales proceeds will reduce debt burden some more.
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Do we have any update on merger case result in NCLT chandigarh? The hearing was today.
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NCLT date got moved to 10/07/2022.
Refer: https://nclt.gov.in/case-details?bench=Y2hhbmRpZ2FyaA==&filing_no=MDQwNDExNjAwMjkzMjAyMg==
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NCLT Date again moved to 28 oct 2022.