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April 2012

Veritas says DLF accounting, biz model suspect

By Tarunkumar Singhal, Raman Jokhakar, Chartered Accountants
Reading Time 1 mins
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Report mischievous, a/cs in public domain, says company.

Canadian research firm Veritas has slammed realty major DLF Ltd, calling its accounting practices ‘conflicting’ and pointing at gaps in its business model — charges the company termed ‘mischievous and presumptive’. Earlier, Veritas Investment Research had come out with damaging reports on other Indian firms, including Reliance Industries, Reliance Communications and Kingfisher Airlines.

Veritas has said DLF’s stock is at best worth Rs.100, and the company may have to recast its loan. DLF said “the company adhered to the highest standards of corporate governance and financial integrity”. “We do not generally comment on individual research reports. However, this report in question is presumptive and mischievous as the analysts have never contacted the company to seek any information or clarification,” a DLF spokesperson said . “The audited financials of the company are always in the

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