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Robust operational Growth, Strong legacy book run-down traction and Net worth grows to ~INR 20,000 Crs.

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Subsidiary Sammaan Finserve reoriented as Affordable Housing Financier

MUMBAI, India, Nov. 18, 2024 /PRNewswire/ — Sammaan Capital Limited (SCL), previously known as Indiabulls Housing Finance Limited, has reported a strong operating performance for the first half of FY25, marked by a significant rise in cash collections from its legacy loan book. As of September 30, 2024, the company’s net worth surged to approximately INR 20,000 crore, with the parent entity alone registering a rise of INR 3,000 Crs in its net worth. This increase in net worth translates to a rise in capital adequacy, which improved by 300 basis points to around 26% in the parent, well above the regulatory requirement of 15%. This is a key milestone, particularly given that approximately 95% of the company’s borrowings are held by the parent entity, reinforcing its strong financial foundation.

In a major strategic move, Sammaan Capital has acquired the INR 5,500 crore legacy loan book from its subsidiary, Sammaan Finserve Limited (SFL). The transaction, conducted at arm’s length and at fair market value complying with regulatory requirements, is supported by legal, audit, and valuation firms including Deloitte, BDO, Vishal Leheri, CAM, and IndusLaw.

Consistent with fair market value, in the subsidiary SFL out of the retained earnings of the legacy book in the subsidiary, provisions have been made. With the transfer of legacy loans, these provisions are now available in the parent against the entire legacy book, and is in line with portfolio scrub and analysis of the entire legacy loan book.

As a result, the net worth in the subsidiary stands right-sized to ~INR 3,000 Crs, in line with peers such as Aavas, Aptus, Home First, Aadhar etc. The subsidiary now positioned as an Affordable Housing Financier, gives the parent the option of monetization at rich valuations. Eventually the parent will benefit both from the provision cushion as well as valuation upside from the subsidiary, if it chooses monetize. With the shift of the legacy loan book, the capital adequacy in the subsidiary has also significantly risen to ~50%, again against regulatory requirement of only 15%.

Thus, a key development during this period was the strategic shift in the focus of Sammaan Finserve Limited. The subsidiary has been repositioned to become an affordable housing financier, a move designed to unlock significant value. Companies in the affordable housing finance sector typically trade at valuations of more than four times their net worth, making this pivot an important growth opportunity for both Sammaan Finserve and Sammaan Capital.

On the asset quality front, Sammaan Capital has made significant strides in addressing risks associated with its legacy loan book. While market expectation was a one-time credit hit of around INR 6,000 crore, the company has provisioned INR 4,500 crore, in line with external valuations and internal assessments. The company anticipates recovering this provision—and more—over the coming periods.

Importantly, the company has successfully reduced its SMA loans, including non-performing assets (NPAs) and loans in stages 2 and 3, bringing these indicators to their best levels in years. This reduction in troubled assets signals the company’s strong track record in managing its legacy portfolio and bodes well for future growth.

Looking to the future, Sammaan Capital is positioned for continued operational growth, with business-as-usual credit costs expected to remain at approximately 80 to 100 basis points per annum. With healthy capital levels, improved asset quality, strong cash collections, and a well-managed run-down of its legacy loan book, the company is on solid footing.

The strategic repositioning of Sammaan Finserve into the affordable housing finance space, along with the successful resolution of its legacy portfolio, positions Sammaan Capital for long-term growth. With a robust financial base and a clear growth trajectory, the company is poised to capitalize on the opportunities in the affordable housing sector, further strengthening its market position and creating value for its stakeholders.

About Sammaan Capital Limited: 

Sammaan Capital Limited (‘SCL’) formerly known as Indiabulls Housing Finance Limited (IBHFL) is mortgage-focused non-banking financial company (NBFC). The company is regulated by the Reserve Bank of India (RBI), and is ‘AA’ rated by leading rating agencies CRISIL and ICRA. The company has strong nationwide presence of over 200 branches which offers quick, convenient and competitively priced home loans in the affordable housing segment. Additionally, the company also offers loans to MSMEs/small business for working capital. 

Website: https://www.sammaancapital.com/

 

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Trustpilot wins landmark legal case against review sellers ahead of new law banning the sale of fake reviews

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November 18, 2024

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LONDON, Nov. 18, 2024 /PRNewswire/ — Trustpilot, the global online consumer review platform, has won a landmark legal case in the UK against a series of websites that were selling hundreds of fake reviews.

The High Court agreed the review sellers – TPR, SMM Service Buy and SMM 420, were unlawfully inducing businesses who use the platform to breach its terms of use, passing off fake reviews as authorised by Trustpilot and infringing its trademarks.

Following the ruling, Trustpilot is calling on internet service providers and payment providers to take down the websites identified in the legal action.     

The ruling comes as the Competition and Markets Authority prepares to enforce a new law banning the practice of buying or procuring fake reviews. The Digital Markets, Competition and Consumers Act comes into force in April 2025, which will allow the CMA to take action against businesses who break the rules.

Anoop Joshi, Trustpilot’s Chief Trust Officer said: “This is a significant moment in the fight against websites that sell fake reviews, and we want to send a clear message that we will not tolerate review seller activity on Trustpilot. We decided to take action now, ahead of the UK law being introduced, because we’re determined to root out and take action against businesses or individuals who could pose a threat to the integrity of our platform. Ensuring businesses and consumers are able to access genuine reviews on Trustpilot is essential to safeguarding the services we provide”.

Over the past 2 years Trustpilot has successfully brought 10 legal cases against businesses who continually abused the platform’s rules to manipulate others through online reviews. In 2023 Trustpilot removed 3.3 million fake reviews from the platform. The removal rate remains consistent at 6% of the total amount of reviews received year on year. 

About Trustpilot

Trustpilot began in 2007 with a simple yet powerful idea that is more relevant today than ever – to be the universal symbol of trust, bringing consumers and businesses together through reviews. Trustpilot is open, independent, and impartial – we help consumers make the right choices and businesses to build trust, grow and improve.

Today, we have more than 300 million reviews on the platform and 57 million monthly active users across the globe, with 117 billion annual Trustpilot brand impressions, and the numbers keep growing. We have more than 900 employees and we’re headquartered in Copenhagen, with operations in Amsterdam, Denver, Edinburgh, Hamburg, London, Melbourne, Milan and New York. 

For more information, please visit www.trustpilot.com

Logo – https://mma.prnewswire.com/media/2236459/4317181/Trustpilot_Logo.jpg

 

View original content:https://www.prnewswire.co.uk/news-releases/trustpilot-wins-landmark-legal-case-against-review-sellers-ahead-of-new-law-banning-the-sale-of-fake-reviews-302308376.html

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/R E P E A T — MEDIA ADVISORY – Media tour of Centre Block construction site/

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November 18, 2024

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GATINEAU, QC, Nov. 15, 2024 /CNW/ – Members of the specialized media are invited to follow a guided tour of the Centre Block construction site on Tuesday, November 19. Representatives from Public Services and Procurement Canada and Parliamentary Administrations will provide the tour and answer questions.

Please note that all details are subject to change. All times are local.

Date: Tuesday, November 19, 2024

Bilingual Tour : meeting time 8:45 a.m.

Meeting point: Centennial Flame, Parliament Hill 

Duration: Approximately 3 hours, including the health and safety briefing

Please note that space is limited. To register, please contact Media Relations by email no later than Monday, November 18 at 2:00 p.m.

IMPORTANT INFORMATION

Please be aware that the tour will take place in an active construction site. A mandatory health and safety briefing will be provided and protective equipment (boots, hard hat, glasses, gloves and vest) will be distributed on-site before the tour. Long pants are required and tank tops are not allowed for health and safety reasons. Please note:  boot sizes are required in advance and should be provided upon registration.

For security reasons, photography and video will be restricted in certain areas.

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SOURCE Public Services and Procurement Canada

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Dispersive Appoints Cybersecurity Visionary Lawrence Pingree as Vice President – Technical Marketing

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November 18, 2024

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Veteran Cybersecurity Leader to Spearhead Strategic Marketing and Strengthen Dispersive’s Stealth Networking Solutions Amid Evolving Cyber Threats

ROSWELL, Ga., Nov. 18, 2024 /PRNewswire/ — Dispersive, an innovative leader in Stealth Networking technology, is proud to announce the appointment of Lawrence Pingree as Vice President – Technical Marketing. Pingree, a seasoned cybersecurity executive with a distinguished track record at Gartner and across the industry, will play a pivotal role in propelling Dispersive’s mission to redefine secure communications and bolster global cybersecurity resilience.

A Proven Leader in Cybersecurity

With nearly 30 years of impactful experience, Lawrence Pingree has cemented his reputation as a thought leader and influential figure in the cybersecurity field. During his tenure at Gartner, Pingree held multiple executive positions, including Vice President Emerging Technologies and Trends – Cloud and Endpoint Security, Managing Vice President of Emerging Technologies – Security & Risk, and Research Vice President – Security Technologies. His strategic oversight and visionary research significantly shaped the understanding and evolution of critical cybersecurity technology.

Pingree’s contributions include publishing over 300 influential research notes, introducing groundbreaking concepts such as Security as a Service (SaaS), Software-Defined WAN (SD-WAN), Endpoint Detection and Response (EDR), Threat Intelligence Platforms (TIP), Threat Intelligence Gateways (TIG) and Secure Internet Gateways (SIG). His work provided key strategic and tactical guidance to technology providers and end-users alike, empowering them to navigate an increasingly complex threat landscape.

In addition to his corporate roles, Pingree’s professional affiliations have included serving as Vice President of the Digital Forensics Association, being an active member of the Silicon Valley chapter of the Information Systems Security Association (ISSA) and contributing to the Open Web Application Security Project (OWASP). These roles underscore his commitment to advancing cybersecurity knowledge and practice at both organizational and community levels.

Joining Forces with Dispersive

“Joining Dispersive is an opportunity to align my passion for cybersecurity with a company that embodies true innovation in secure networking,” said Pingree. “Dispersive’s approach to preemptive, quantum-resistant cybersecurity uniquely positions it to address the urgent and evolving needs of our hyperconnected world. I am excited to contribute to the company’s mission to safeguard global communications through cutting-edge, adaptable solutions.”

Dispersive’s Stealth Networking solutions leverage military-grade tactics to ensure data in transit is secure and protected against advanced threats, including nation-state actors and complex supply chain attacks. By constructing virtual, active/active multipath mesh networks with rolling encryption keys and granular access controls, Dispersive offers unmatched security, resilience, and performance. The software-only solution can be globally deployed in minutes, requiring minimal operational overhead and seamlessly integrating with existing infrastructure.

“With Lawrence’s deep expertise and leadership, Dispersive is positioned to not only reinforce our technological innovation but also scale our customer and market impact,” said Rajiv Pimplaskar, CEO of Dispersive. “His proven ability to introduce and drive new ideas and technologies makes him ideal to drive our strategic marketing initiatives and help safeguard our critical infrastructure customers.”

About Dispersive

Dispersive is a pioneering provider of secure networking software, focused on preemptive cybersecurity and Stealth Networking. Inspired by military strategies, Dispersive’s technology ensures unmatched data security, obfuscation, and network performance. With solutions like DispersiveCloud and DispersiveFabric, the company empowers organizations to operate securely and confidently in an environment where cybersecurity threats driven by hyperconnectivity, generative AI, and quantum computing are at an all-time high. For more information on Dispersive and its innovative approach to cybersecurity, visit www.dispersive.io.

Media Contact:
Amy Levine
Director of Marketing
Dispersive
844.403.5850
alevine@dispersive.io
www.dispersive.io

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SOURCE Dispersive Holdings, Inc.

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