Stock market investors get many opportunities to earn money. The splits in the shares and the bonuses given to the investors are counted in those opportunities. Microcap category share Milkfood Limited is currently giving such an opportunity to the stock market investors, which can be taken advantage of to earn good money.
The board of Milkfood Limited approved the proposal to split the shares and issue bonus shares in June. Under the proposal, the shares of Milkfood Limited with a face value of Rs 10 are to be split into Rs 5 per share. Along with that, the shareholders of the company are going to get one new share as bonus in exchange for every old share.
Record date for stock split and bonus in the stock market
The record date for both split and bonus issue in the shares of Milkfood Limited has been fixed as 13 August. That is, only those investors whose name will be included among the shareholders of the company before 13 August will get the benefit of stock split and bonus issue. In such a situation, if you also want to take advantage of this opportunity, then today is your last chance to buy Milkfood shares.
Giving bonus for the first time
This is the first time that Milkfood Limited is going to issue bonus shares to its shareholders. This is also the first opportunity for stock split for Milkfood Limited.
Right now one share is available for this much
The price of this microcap stock has seen a good rise in recent times. Today on Monday, this stock is trading at Rs 777 with a marginal loss of 0.084 percent, but before that the stock has risen 5 percent in the last 5 days. On a month basis, the stock has risen 15 percent, while in 6 months its return is about 40 percent. The market cap of the company is currently around Rs 475 crore.
Hindenburg raises new questions after SEBI chairperson’s response
SEBI Chairperson Madhabi Buch’s response to our report includes several important admissions and raises numerous new critical questions.
(1/x) https://t.co/Usk0V6e90K
— Hindenburg Research (@HindenburgRes) August 11, 2024
In a post on X late Sunday night, Hindenburg said, “Butch’s response has now publicly confirmed her investment in an obscure fund structure in Bermuda/Mauritius, as well as the money allegedly sent out on behalf of Vinod Adani. She also confirmed that the fund was run by her husband’s childhood friend, who was then a director of Adani.”
Citing massive ‘conflicts of interest’ in SEBI’s investigation into the Adani case, Hindenburg Research said, “SEBI was tasked with investigating investment funds related to the Adani case, which would include funds in which Butch had personally invested and funds from the same sponsor that were specifically highlighted in our original report.” Buch’s statement also claimed that two consulting firms she founded, an Indian and a Singaporean company, became inactive soon after her appointment to SEBI in 2017, and her husband took over in 2019, Hindenburg said.
Buch’s response now publicly confirms her investment in an obscure Bermuda/Mauritius fund structure, alongside money allegedly siphoned by Vinod Adani. She also confirmed the fund was run by a childhood friend of her husband, who at the time was an Adani director.
SEBI was…
— Hindenburg Research (@HindenburgRes) August 11, 2024
As per the latest shareholding list as of March 31, 2024, Agora Advisory Limited (India) is still 99% owned by Madhabi Buch, not her husband. The company is currently active and generating consulting revenue.
Further, as per Singapore records, Buch was a 100% shareholder of Agora Partners Singapore until March 16, 2022, and owned it throughout her tenure as a SEBI whole-time member. She transferred her shares to her husband’s name just 2 weeks after her appointment as SEBI chairman.
It said, “The Indian unit, which is still 99 per cent owned by the SEBI chairperson, generated Rs 23.985 million (US$312,000) in revenue (i.e., consultations) during fiscal years ’22, ’23 and ’24 during which she was serving as chairperson, according to its financial statements.”
The Singaporean consulting entity she set up doesn’t publicly report its financials like revenue or profit so it’s impossible to see how much money this entity has earned during her time at SEBI.
The Indian entity, still 99% owned by the SEBI Chairperson, has generated INR… pic.twitter.com/NXQkOsSkgD
— Hindenburg Research (@HindenburgRes) August 11, 2024
Showing a copy of a personal email claiming to be from the SEBI chief, Hindenburg had alleged in a report on Saturday that “Buch used her personal email to conduct business using her husband’s name while serving as a full-time member of SEBI.” It raised the question: “What other investments or transactions has the SEBI chairperson conducted in her husband’s name while holding official positions?”
What is the Buch couple’s response to Hindenburg’s allegations?
SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch responded to the allegations leveled by Hindenburg on Saturday (August 10). The Buch couple said, the investment in IIFL Wealth Management Fund was made as a private citizen two years before Madhavi Puri Buch became a part of SEBI. The SEBI Chairperson said, the investment in the fund mentioned in the Hindenburg report was made in 2015, when both of them were private citizens living in Singapore and this investment was made about 2 years before Madhabi joined SEBI as a full-time member.
The decision to invest in this fund was taken because Chief Investment Officer Anil Ahuja is a childhood friend of Dhaval from school and IIT Delhi and has a strong investment career spanning several decades, being a former employee of Citibank, JP Morgan and 3i Group PLC. The statement said that, as confirmed by Anil Ahuja, at no time has the fund invested in any bonds, equities or derivatives of any Adani Group company.
Dhaval’s appointment as a senior advisor to Blackstone Private Equity in 2019 was due to his deep expertise in supply chain management. Thus his appointment predates Madhabi’s appointment as SEBI chairman. This appointment has since been in the public domain. Dhaval Buch has no connection with the real estate segment of leading private equity company Blackstone. After his appointment, the Blackstone Group was immediately included in Madhabi’s disavowal list kept with SEBI.
Two consulting companies set up by Madhabi while he was in Singapore, one in India and one in Singapore, became defunct soon after his appointment to SEBI. These companies were clearly part of her disclosures to SEBI. Two of Madhavi’s consulting firms became inactive soon after her appointment to SEBI.
The statement said that after Dhaval retired from Unilever in 2019, he started his own consultancy practice through these companies. Dhaval’s deep expertise in supply chains gave him the opportunity to work with key clients in the Indian industry. Thus, linking the income earned in these companies to Madhavi’s current government salary is malicious.
When the shareholding of the Singapore entity went to Dhaval, once again it was disclosed not only to SEBI, but also to the Singapore authorities and Indian tax authorities.
Several notices to Hindenburg did not respond
Hindenburg has been issued show-cause notices for various types of violations in India. Hindenburg was served notices for several violations; it is unfortunate that it is not responding to the notices, but is questioning the credibility of SEBI In a statement soon after Hindenburg released its latest report, Buch had called the allegations baseless. According to Hindenburg, Madhavi and her husband had made undeclared investments in obscure foreign funds in Bermuda and Mauritius. It said these were the same funds that were allegedly used by Vinod Adani to launder money and raise the share prices of Adani Group companies. Vinod Adani is the elder brother of Adani Group chairman Gautam Adani.
Disclaimer: The information provided here is for information purposes only. It is important to note that investments in the market are subject to market risks. Always seek expert advice before investing as an investor
