Latest news with #AMPL
Hindustan Times
5 days ago
- Business
- Hindustan Times
UCO bank fraud: CBI court refuses to discharge Topworth director
MUMBAI: A special CBI (Central Bureau of Investigation) court refused to discharge Abhay Lodha, the director of Topworth Steels and Power Pvt Ltd, from a cheating and criminal conspiracy case for allegedly causing losses worth ₹74 crore to UCO Bank. The FIR was registered against M/s Akshata Mercantile Private Ltd (AMPL) and unknown UCO Bank officials after the company submitted four bills worth ₹74 crore under Letter of Credit (LC), which were diverted to Topworth Steels. The case was registered based on a complaint by the general manager and zonal head of the public sector bank, alleging that the office bearers of AMPL and certain bank officials cheated the bank to the tune of ₹74.82 crore. As per the CBI, UCO bank had discounted bills worth ₹74.82 crore, which was diverted by AMPL to Topworth Group of Companies. One of the receiving companies refused to accept these bills stating that the documents were not as per LC. The bills remained unpaid, causing a loss of ₹74.82 crore to UCO bank. The prosecution alleged that the request letters were prepared at the behest of Lodha. The discharge plea observed that Lodha was falsely implicated in the case since he is neither the director nor engaged in the day-to-day affairs of AMPL. Merely because Lodha was the guarantor to the LC does not implicate him in the conspiracy, submitted the defence, adding that there was no evidence to show on record that funds were being diverted. However, the court observed that even if Lodha is not the director of AMPL, the investigating officer had collected material to show that AMPL was a company of the Topworth group, of which Lodha was the chairman. 'He has direct control over the business affairs of M/s. AMPL. Throughout the investigation, it was revealed that Mr Abhay Lodha was the prime accused and without his indulgence, the crime could not have been committed,' the court said. In an order passed on June 12, the court further said that the material placed on record shows that there was criminal intent behind certain acts of Lodha with regard to the bank.
NDTV
5 days ago
- Business
- NDTV
Court Refuses To Discharge Businessman Abhay Lodha In Alleged Bank Fraud Case
Mumbai: A special CBI court in Mumbai has refused to discharge businessman Abhay Lodha in an alleged bank fraud case, saying that his "positive involvement" in the crime was apparent. The Central Bureau of Investigation has alleged that Lodha, along with other accused, conspired with bank officials to defraud UCO Bank of Rs 74.82 crore. Lodha is the promoter and MD of Topworth Steels and Power Private Limited (TSPPL) and Topworth Group. His discharge plea was rejected by the special CBI Judge V P Desai last week. The court noted that the investigating has revealed that he is "the prime accused" in the case and "without his indulgence the crime could not have been committed". "At all material stages of the crime there is positive involvement of Lodha," noted the order, available on Tuesday. It highlighted that the material placed on record "will show that there is criminal intent". Based on the complaint filed by the UCO bank, the CBI had in 2018 registered a case against Lodha and other accused including office- bearers of a firm Akshata Mercantile Private Limited (AMPL). CBI has alleged AMPL, a Topworth Group company promoted by Lodha, diverted Rs 74.82 crore obtained from discounted LCs (letters of credit) at UCO Bank to other companies of the group. A part of the loan amount (Rs 43 lakh) was used to pay the EMI of a home loan in the name of Abhay Lodha and Ashwin Lodha, it said. Lodha in his discharge plea claimed he was "innocent and falsely implicated in the case", and he was neither a director of AMPL nor was he involved in its day-to-day affairs. UCO Bank was in the process of one-time settlement with AMPL which can be verified from the bank as it is part of their internal communication, the defence argued. CBI, represented by special public prosecutor Anoop Yadav, opposed the application, saying there is prima facie involvement of the accused in the crime. The prosecution stated that Lodha is charge-sheeted in six similar cases involving fraudulent LC facilities from various banks. The court after hearing both the sides held that Lodha may not be the director of AMPL, but the investigating officer has collected material disclosing that the said company was part of Topworth Group Companies, of which he was chairman. He has direct control over the business affairs of AMPL, the order stated. The charges by no stretch of imagination "can be considered to be groundless", the court concluded, while rejecting his plea.
Time of India
6 days ago
- Business
- Time of India
74.8cr bank fraud case: Court rejects firm MD's discharge plea
Mumbai: Observing that the material placed on record shows there was criminal intent in his acts that led to defrauding UCO Bank of Rs 74.8 crore, a special CBI court rejected the discharge plea of Abhay Lodha, promoter and MD of Topworth Steels and Power and Topworth Group. Tired of too many ads? go ad free now The judge said while Lodha may not be the director of Akshata Mercantile Pvt Ltd (AMPL), allegedly involved in the fraud, the investigating officer collected material that showed it was a firm in Topworth Group of Companies, of which he is the chairman. The judge said he has direct control over AMPL's business affairs. "Throughout the investigation, it was revealed that Abhay Lodha was the prime accused and without his [involvement], the crime could not have been committed. " An FIR invoking cheating charges was lodged against Lodha in 2020. Opposing the discharge plea, the CBI said Lodha has been named in chargesheets of six cases. "The modus operandi in all the cases is similar... Abhay Lodha incorporated various companies by making his employees or friends as its directors and fraudulently availed LC (letter of credit) facilities from various banks. Subsequently, without any genuine underlying transactions, these companies submitted the LC-backed bills, along with forged lorry receipts, for discounting, and the discounted proceeds of the bills were utilised for the purpose of companies of Topworth Group controlled by Abhay Lodha," it said. It was alleged that Rs 43 lakh from the defrauded sum was used to pay EMIs of a Union Bank of India home loan in the names of Lodha and co-accused Ashwin Lodha. The court pointed to the statement of the bank's chief manager, who handled the vigilance department, saying there was large-scale unauthorised fund movement in the account of Topworth Group of Companies by way of unauthorised LC discounting.
Yahoo
7 days ago
- Business
- Yahoo
2 Cash-Heavy Stocks with Promising Prospects and 1 to Approach with Caution
A cash-heavy balance sheet is often a sign of strength, but not always. Some companies avoid debt because they have weak business models, limited expansion opportunities, or inconsistent cash flow. Not all businesses with cash are winners, and that's why we built StockStory - to help you separate the good from the bad. Keeping that in mind, here are two companies with net cash positions that can leverage their balance sheets to grow and one that may struggle. Net Cash Position: $203.7 million (13.7% of Market Cap) Born out of a failed voice recognition startup by founder Spenser Skates, Amplitude (NASDAQ:AMPL) is data analytics software helping companies improve and optimize their digital products. Why Does AMPL Fall Short? Offerings struggled to generate meaningful interest as its average billings growth of 8.7% over the last year did not impress Suboptimal cost structure is highlighted by its history of operating margin losses Lacking free cash flow generation means it has few chances to reinvest for growth, repurchase shares, or distribute capital Amplitude is trading at $11.36 per share, or 4.3x forward price-to-sales. If you're considering AMPL for your portfolio, see our FREE research report to learn more. Net Cash Position: $737.3 million (1.3% of Market Cap) One of the oldest service providers in the industry, Paychex (NASDAQ:PAYX) offers its customers payroll and HR software solutions. Why Do We Like PAYX? Estimated revenue growth of 15.5% for the next 12 months implies demand will accelerate from its three-year trend Highly efficient business model is illustrated by its impressive 41.5% operating margin Robust free cash flow margin of 29.5% gives it many options for capital deployment At $153 per share, Paychex trades at 8.8x forward price-to-sales. Is now the time to initiate a position? Find out in our full research report, it's free. Net Cash Position: $37 million (0% of Market Cap) With roots dating back to 1833, making it one of America's oldest continuously operating businesses, McKesson (NYSE:MCK) is a healthcare services company that distributes pharmaceuticals, medical supplies, and provides technology solutions to pharmacies, hospitals, and healthcare providers. Why Will MCK Outperform? 13.9% annual revenue growth over the last two years surpassed the sector average as its offerings resonated with customers Unparalleled scale of $359.1 billion in revenue gives it negotiating leverage and staying power in an industry with high barriers to entry Share repurchases over the last five years enabled its annual earnings per share growth of 17.2% to outpace its revenue gains McKesson's stock price of $728.06 implies a valuation ratio of 19.8x forward P/E. Is now the right time to buy? See for yourself in our full research report, it's free. The market surged in 2024 and reached record highs after Donald Trump's presidential victory in November, but questions about new economic policies are adding much uncertainty for 2025. While the crowd speculates what might happen next, we're homing in on the companies that can succeed regardless of the political or macroeconomic environment. Put yourself in the driver's seat and build a durable portfolio by checking out our Top 5 Growth Stocks for this month. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+351% five-year return). Find your next big winner with StockStory today for free. Find your next big winner with StockStory today. Find your next big winner with StockStory today Sign in to access your portfolio
Yahoo
02-06-2025
- Business
- Yahoo
3 Inflated Stocks Skating on Thin Ice
The stocks featured in this article are seeing some big returns. Over the past month, they've outpaced the market due to new product launches, positive news, or even a dedicated social media following. But not every company with momentum is a long-term winner, and plenty of investors have lost money betting on short-term fads. All that said, here are three stocks getting more buzz than they deserve and some you should buy instead. One-Month Return: +31.3% Born out of a failed voice recognition startup by founder Spenser Skates, Amplitude (NASDAQ:AMPL) is data analytics software helping companies improve and optimize their digital products. Why Are We Hesitant About AMPL? Customers had second thoughts about committing to its platform over the last year as its average billings growth of 8.7% underwhelmed Historical operating margin losses point to an inefficient cost structure Poor free cash flow margin of 1.2% for the last year limits its freedom to invest in growth initiatives, execute share buybacks, or pay dividends Amplitude is trading at $12.39 per share, or 4.7x forward price-to-sales. To fully understand why you should be careful with AMPL, check out our full research report (it's free). One-Month Return: +15% Begun as a Chicago hot dog stand in 1963, Portillo's (NASDAQ:PTLO) is a casual restaurant chain that serves Chicago-style hot dogs and beef sandwiches as well as fries and shakes. Why Is PTLO Not Exciting? Disappointing same-store sales over the past two years show customers aren't responding well to its menu offerings and dining experience Lacking free cash flow generation means it has few chances to reinvest for growth, repurchase shares, or distribute capital High net-debt-to-EBITDA ratio of 6× increases the risk of forced asset sales or dilutive financing if operational performance weakens Portillo's stock price of $12.02 implies a valuation ratio of 32.9x forward P/E. Read our free research report to see why you should think twice about including PTLO in your portfolio, it's free. One-Month Return: +40.4% Created through a settlement between NRG Energy and the California Public Utilities Commission, EVgo (NASDAQ:EVGO) is a provider of electric vehicle charging solutions, operating fast charging stations across the United States. Why Does EVGO Worry Us? Historically negative EPS is a worrisome sign for conservative investors and obscures its long-term earnings potential Cash-burning tendencies make us wonder if it can sustainably generate shareholder value Limited cash reserves may force the company to seek unfavorable financing terms that could dilute shareholders At $4 per share, EVgo trades at 33.5x forward EV-to-EBITDA. If you're considering EVGO for your portfolio, see our FREE research report to learn more. The market surged in 2024 and reached record highs after Donald Trump's presidential victory in November, but questions about new economic policies are adding much uncertainty for 2025. While the crowd speculates what might happen next, we're homing in on the companies that can succeed regardless of the political or macroeconomic environment. Put yourself in the driver's seat and build a durable portfolio by checking out our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today for free. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
