Latest news with #AML
Economic Times
8 hours ago
- Business
- Economic Times
Vedanta Semiconductors a ‘sham' commodities trading operation, says Viceroy Research
THE ECONOMIC TIMES Representative Image MUMBAI: Vedanta Semiconductors is a 'sham' commodities trading operation designed to improperly avoid classification as a non-banking financial company, Viceroy Research said in a report on Friday. Vedanta Semiconductors is a subsidiary of the Vedanta Group. The US-based short seller has been publishing a series of reports on the group for the last few days, with its first report alleging that Vedanta Resources, the holding company of Vedanta, is propped by cash entirely from its operating unit. Vedanta has denied all allegations so far, calling them 'baseless'. 'This scheme was devised to facilitate VEDL's remittance of brand fees to Vedanta Resource's (VRL) in April 2025, when it faced a severe liquidity crisis,' the firm said in its report on Friday.'Vedanta strongly rejects the baseless allegations made in the report regarding Vedanta Semiconductors Pvt. Ltd. (VSPL),' a spokesperson for Vedanta has reactivated Vedanta Semiconductors not as a semiconductor venture, but as a zero-margin trading entity whose operations appear to consist entirely of paper-based commodity trading, Viceroy said. After tapping offshore lenders for a short-term, Vedanta Semiconductors began trading commodities on a zero-margin basis, the firm said. It has then remitted these loans to Vedanta as a 24-month loan. Vedanta Semiconductors, superficially an operating entity, would face reduced scrutiny for loan repayments under FEMA, Companies Act, PMLA and AML frameworks, it said.'Loans between VSPL and Vedanta Limited were executed in full compliance with applicable laws, corporate governance standards, and both Vedanta Limited and VSPL have consistently reported accurate loan terms, interest rates, and collateral in line with statutory norms,' the spokesperson for Vedanta said.'VSPL will likely have to continue these sham operations until FY27, when the loans fall due and repayment will have to be routed back through it,' Viceroy said. 'If at any point the regulators intervene at VSPL, the lender group is likely facing a total wipeout,' it said.
Hans India
8 hours ago
- Business
- Hans India
Viceroy Research says Vedanta Semiconductors a ‘sham' commodities trading operation
New Delhi: Firing fresh salvo at Anil Agarwal-run Vedanta Group, US short-seller firm Viceroy Research said in its latest report that Vedanta Semiconductors is a 'sham' commodities trading operation designed to improperly avoid classification as a non-banking financial company (NBFC). According to Viceroy, 'We believe that Vedanta Limited (VEDL) subsidiary, Vedanta Semiconductors Private Limited (VSPL), is a sham commodities trading operation designed to improperly avoid classification as a Non-Banking Financial Company (NBFC)'. In its report that came out on Friday (US time), the short-seller firm alleged that this scheme was devised to 'facilitate VEDL's remittance of brand fees to Vedanta Resource's (VRL) in April 2025, when it faced a severe liquidity crisis'. 'VSPL's operational illusion needs 24 months of regulatory silence to fulfil its purpose, repaying its offshore lenders and hiding the near-catastrophe of April 2024. While credit analysts are snoozing through the alarm bells, India's regulators are famously light sleepers,' the report claimed. The US-based short seller has been publishing a series of reports on the Vedanta Group for the last few days, alleging that Vedanta Resources, the holding company of Vedanta, is propped by cash entirely from its operating unit. Vedanta has denied all allegations so far, calling them 'baseless'. In its latest report, Viceroy said that in April 2024, Vedanta Limited (VEDL) faced a severe liquidity crisis. 'In response, VEDL reactivated VSPL, not as a semiconductor venture, but as a zero-margin trading entity whose operations appear to consist entirely of paper-based commodity trading,' the report alleged. 'VSPL tapped offshore lenders for a short-term, INR-denominated, 10 per cent NCDs secured by VEDL's stake in HZL (equivalent to 1 per cent of outstanding shares) VSPL then began trading commodities (copper, silver, gold) on a zero-margin basis reminiscent of wash trading. It remitted the loan to VEDL as a 24-month 12 per cent loan, with the spread intended to cover the sham operation's costs,' Viceroy Research said in its report. 'VSPL, superficially an operating entity, would face reduced scrutiny for loan repayments under FEMA, Companies Act, PMLA and AML frameworks. VSPL will likely have to continue these sham operations until FY27, when the loans fall due and repayment will have to be routed back through it. If at any point the regulators intervene at VSPL, the lender group is likely facing a total wipeout,' it further alleged. Earlier this week, Viceroy Research levelled fresh allegations against Vedanta Group, accusing the company's promoters of holding an undisclosed stake through a welfare trust to recycle funds. The company in question is PTC Cables Pvt. Ltd (PTCC), which holds a 1.91 per cent stake in Vedanta Ltd, that has a market cap of Rs 1.75 lakh crore. PTCC is owned by Bhadram Janhit Shalika Trust (BJST), which Viceroy alleges is controlled by the Agarwal family, founders of the Vedanta Group. However, the Vedanta Group has dismissed the allegations as 'baseless.'
Time of India
13 hours ago
- Business
- Time of India
Vedanta Semiconductors a ‘sham' commodities trading operation, says Viceroy Research
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel MUMBAI: Vedanta Semiconductors is a 'sham' commodities trading operation designed to improperly avoid classification as a non-banking financial company, Viceroy Research said in a report on Friday. Vedanta Semiconductors is a subsidiary of the Vedanta Group The US-based short seller has been publishing a series of reports on the group for the last few days, with its first report alleging that Vedanta Resources , the holding company of Vedanta, is propped by cash entirely from its operating unit. Vedanta has denied all allegations so far, calling them 'baseless'.'This scheme was devised to facilitate VEDL's remittance of brand fees to Vedanta Resource's (VRL) in April 2025, when it faced a severe liquidity crisis ,' the firm said in its report on Friday.'Vedanta strongly rejects the baseless allegations made in the report regarding Vedanta Semiconductors Pvt. Ltd. (VSPL),' a spokesperson for Vedanta has reactivated Vedanta Semiconductors not as a semiconductor venture, but as a zero-margin trading entity whose operations appear to consist entirely of paper-based commodity trading, Viceroy tapping offshore lenders for a short-term, Vedanta Semiconductors began trading commodities on a zero-margin basis, the firm said. It has then remitted these loans to Vedanta as a 24-month loan. Vedanta Semiconductors, superficially an operating entity, would face reduced scrutiny for loan repayments under FEMA, Companies Act, PMLA and AML frameworks, it said.'Loans between VSPL and Vedanta Limited were executed in full compliance with applicable laws, corporate governance standards, and both Vedanta Limited and VSPL have consistently reported accurate loan terms, interest rates, and collateral in line with statutory norms,' the spokesperson for Vedanta said.'VSPL will likely have to continue these sham operations until FY27, when the loans fall due and repayment will have to be routed back through it,' Viceroy said. 'If at any point the regulators intervene at VSPL, the lender group is likely facing a total wipeout,' it said.
Business Wire
a day ago
- Business
- Business Wire
Pavilion Payments and CasinoSoft Partner to Revolutionize Gaming Payments and Compliance
LAS VEGAS--(BUSINESS WIRE)--Pavilion Payments, the leading omnichannel payment solutions provider in the gaming industry, has acquired CasinoSoft, a trusted leader in Anti-Money Laundering (AML)/Title 31 compliance, automated tax form processing, jackpot handling, and regulatory reporting software. Together, they are building a unified solution that simplifies and modernizes gaming operations. Together, Pavilion Payments and CasinoSoft are redefining what seamless, compliant, and guest-focused casino operations look like for the future of gaming. Share 'We have put 20 years of our heart and soul into building the CasinoSoft brand and are thrilled with the many ways this acquisition moves us to the next level,' said Matt Montano, Principal and Owner of CasinoSoft. 'The success of our robust suite of AML/Title 31 and tax form products is evidenced by the longstanding partnerships we enjoy with our many satisfied customers throughout the industry.' The new offering combines Pavilion Payments' seamless player funding and payment ecosystem with CasinoSoft's industry-leading compliance and automation software. The result is a powerful, vertically integrated platform that streamlines floor, cage, and slot operations, making them faster, easier, and more secure for casinos, route gaming as well as iGaming and sportsbook operators. 'CasinoSoft is the industry standard for AML/Title 31 compliance, automated tax forms, jackpot processing, and associated reporting services,' said Diallo Gordon, President of Pavilion Payments. 'With this acquisition, we plan to grow the broader Pavilion business with several new patents, innovative products, and transformative solutions that position us as the clear leader in fintech payments, cashless gaming, cage, and floor automation.' For more than two decades, CasinoSoft has helped casinos streamline Title 31, AML, tax forms, and jackpot workflows, keeping operations audit-ready and freeing up staff to focus on the guest experience. By joining Pavilion Payments, CasinoSoft expands its ability to deliver end-to-end compliance and payment solutions within a single, connected system, reducing manual steps and increasing automation. 'At Pavilion Payments, we pride ourselves on offering our partners and customers a vibrant and diverse portfolio of products and services,' said Dan Connors, CEO of Pavilion Payments. 'The addition of CasinoSoft's products to our lineup furthers our delivery on that goal. We're delighted to add CasinoSoft to our team and look forward to delighting our customers with them.' Together, Pavilion Payments and CasinoSoft are redefining what seamless, compliant, and guest-focused casino operations look like for the future of gaming. About Pavilion Payments Pavilion Payments enables the world's gaming entertainment leaders to create amazing consumer experiences and maximize spend across all their physical and digital properties. Pavilion Payments is the gaming industry's leading omnichannel payment solutions provider, offering integrated omnichannel and software solutions that enable flexible funding, play, and cash out. For more information, visit About CasinoSoft CasinoSoft is the leading provider of tech-forward compliance solutions for the casino and sports betting industry. Trusted nationwide, our powerful suite—including Title 31, TaxForms, and Automated Document Management modules—streamlines regulatory workflows, minimizes risk, and boosts operational efficiency. Designed with the end-user in mind, our solutions are intuitive, reliable, and built to keep properties ahead of evolving compliance demands. For more information, visit
Yahoo
a day ago
- Business
- Yahoo
ImCheck's ICT01 Receives FDA Orphan Drug Designation for Treatment of Acute Myeloid Leukemia
ImCheck's ICT01 Receives FDA Orphan Drug Designation for Treatment of Acute Myeloid Leukemia Clinical data showing unprecedented remission rates in newly diagnosed AML patients support advancing ICT01 into pivotal trials Marseille, France, July 18, 2025, 11:00 am CET – ImCheck Therapeutics today announced that the U.S. Food and Drug Administration (FDA) has granted Orphan Drug Designation (ODD) to its lead program, ICT01, a humanized anti-butyrophilin 3A (BTN3A) monoclonal antibody designed to selectively activate γ9δ2 T cells, for the treatment of acute myeloid leukemia (AML). AML remains a significant clinical challenge, particularly for older or unfit patients who are not eligible for intensive chemotherapy. 'Receiving FDA orphan drug designation for ICT01 is a significant recognition of ICT01's innovative therapeutic potential to meet the urgent unmet medical needs of AML patients," said Stephan Braun, MD, PhD, Chief Medical Officer of ImCheck Therapeutics. "This important regulatory milestone reinforces our confidence that ICT01 will become the first immunotherapy for AML patients and supports our goal of rapidly advancing ICT01 into pivotal studies based on the unprecedented results observed in the clinic to date.' In an oral presentation at the 2025 ASCO Annual Meeting, ImCheck reported results from the Phase I/II EVICTION study, evaluating ICT01 in combination with azacitidine and venetoclax (Aza-Ven) in newly diagnosed AML patients unfit for intensive chemotherapy. Remarkably high remission rates and a positive overall survival signal were observed across a broad range of molecular subtypes, in particular those that are typically less responsive to Aza-Ven. The combination demonstrated a clinically well-manageable safety profile, with Grade ≥3 adverse events consistent with the expected hematological toxicity of Aza-Ven and AML itself. 'Orphan drug designation is a catalyst,' added Pierre d'Epenoux, Chief Executive Officer of ImCheck Therapeutics. 'It validates our regulatory strategy, de-risks and supports clinical development acceleration, and sends a strong signal about the unique potential of ICT01 to transform AML treatment as well as other solid tumor indications.' The FDA's orphan drug designation is granted to drugs and biologics intended for the treatment, diagnosis, or prevention of rare diseases affecting fewer than 200,000 people in the United States. The designation is designed to encourage the development of therapies for underserved patient populations and offers benefits including tax credits for clinical trials, exemption from certain FDA fees, and up to seven years of marketing exclusivity upon approval. Additionally, the designation gives access to regulatory assistance for the drug development process. About the medical need in AML Acute myeloid leukemia (AML) remains a significant clinical challenge, particularly for older or unfit patients who cannot tolerate intensive chemotherapy. While the combination of venetoclax and azacitidine has become the standard non-intensive regimen, it is not curative and relapse rates remain high. Most patients are not eligible for stem cell transplantation, often due to age, comorbidities, or insufficient response, and face limited treatment options and poor overall survival. Despite AML's known sensitivity to immune-mediated control, current immunotherapies targeting PD-1, TIM-3, or CD47 have not delivered meaningful clinical benefit. This underscores the urgent need for novel immuno-oncology approaches. Recently, γ9δ2 T cells, with their cytotoxic activity and unique dual role in both innate and adaptive immunity, have emerged as promising immune modulators. Their association with reduced relapse and prolonged survival, particularly in the post-transplant setting, suggests that enhancing their anti-leukemic potential could offer a meaningful new treatment option for high-risk AML patients. About ICT01 ICT01 is a humanized, anti-BTN3A (also known as CD277) monoclonal antibody that selectively activates γ9δ2 T cells, which are responsible for immunosurveillance of malignancy and infections. The three isoforms of BTN3A targeted by ICT01 are overexpressed on many solid tumors (e.g., melanoma, urothelial cell, colorectal, ovarian, pancreatic, and lung cancer) and hematologic malignancies (e.g., leukemia and lymphomas) and also expressed on the surface of innate (e.g., γδ T cells and NK cells) and adaptive immune cells (T cells and B cells). BTN3A is essential for the activation of the anti-tumor immune response of γ9δ2 T cells. As demonstrated by data presented at past AACR, ASCO, ASH, ESMO and SITC conferences, ICT01 selectively activates circulating γ9δ2 T cells leading to migration of γ9δ2 T cells out of the circulation and into the tumor tissue and triggers a downstream immunological cascade through secretion of pro-inflammatory cytokines, including but not limited to IFNγ and TNFα, further augmenting the anti-tumor immune response. Anti-tumor activity and efficacy of ICT01 have been shown in patients across several cancer IMCHECK THERAPEUTICS ImCheck Therapeutics is developing a new generation of immunotherapeutic antibodies targeting butyrophilins, a novel superfamily of immunomodulators. By unlocking the power of γ9δ2 T cells, ImCheck's innovative approach has the potential to transform treatments across oncology, autoimmune, and infectious diseases. The lead clinical-stage program, ICT01, has been advancing to late-stage trials, demonstrating a unique mechanism of action that modulates both innate and adaptive immunity. These 'first-in-class' activating antibodies may deliver superior clinical outcomes compared to first-generation immunotherapy approaches, in particular in rationale combinations with immune checkpoint inhibitors and immunomodulatory anti-cancer drugs. Additionally, ImCheck's pipeline compounds are progressing toward clinical development for autoimmune and infectious diseases. The company benefits from the pioneering research of Prof. Daniel Olive (INSERM, CNRS, Institut Paoli Calmettes, Aix-Marseille University), a global leader in γ9δ2 T cells and butyrophilins, as well as the expertise of a seasoned management team and the commitment of leading U.S. and European investors. For further information: Press contacts: US and EU Trophic CommunicationsGretchen Schweitzer +49 (0) 172 861 8540imcheck@ FranceATCG PARTNERSCéline Voisin+33 (0)6 62 12 53 39imcheck@ Attachment PR in EnglishError while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
