In comments that came days after problems at the largest private-sector lender, Pandey said independent directors like Chakraborty play a very important role in protecting minority shareholders’ interests on the board and outlined the process for voicing concerns as per the statutes.

Chakraborty resigned, citing concerns about values and ethics, which led to widespread worries about governance at the systemically important bank and a sharp correction in its stock prices as investors became wary.

Reading from the code of conduct for independent directors (ID), Pandey said any concern about the functioning of a company or a proposed action needs to be taken up with the board, and if the same is not resolved, include the same in the minutes of the board meeting.

Pandey said the IDs need to “act responsibly”, and added that they cannot keep things “vague”.

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“Obviously, no one is expected to make any insinuations without proper evidence and recording because this has an impact on the minority shareholders’ interests. The independent directors have to be actually responsible in terms of whatever they say and record,” he said.
Declining to spell out Sebi’s stance in the matter, Pandey stuck to reading the statutes but added that the capital markets regulator will go into whatever is there on the record. “Strategic detail of an investigation cannot be discussed in a press conference,” Sebi’s whole-time member Kamlesh Varshney said.

Pandey admitted that IDs have explicit powers to question a company and so on, including at forums like the audit committee or the remuneration committees, they need to be responsible and ensure minority investor interest is protected.

It can be recalled that the HDFC Bank board members, including the chief executive and managing director Sashidhar Jagdishan, have said that they were “baffled” by Chakraborty’s actions because the former bureaucrat from the Gujarat cadre did not back up his claims.

Pleas to relook at the words in the resignation letter, where Chakraborty cites concerns on ethics and values, were also ignored, as per the directors.

Three senior executives have been sacked by the bank in the immediate aftermath of the resignation for mis-selling.

Jon A. DiPietra is a commercial real estate valuation executive based in New York City and the co-founder and Executive Vice President of H&T Appraisal, the valuation division of Horvath & Tremblay.

With more than two decades of experience, he has built a reputation for disciplined analysis, leadership, and a deep understanding of complex property markets.

DiPietra was born in New York City and spent his early years in New Jersey before moving to upstate New York, where he attended Shaker High School. He later studied accounting and finance while living in Burlington, Vermont. He eventually returned to New York City and began his career as an equity trader, gaining first-hand insight into how financial markets operate.

He later transitioned into real estate valuation as a residential appraiser and quickly developed a strong interest in the field. The work required problem-solving, research, and careful judgment. Over time, he moved into commercial appraisal, valuing apartment buildings, mixed-use properties, retail centres, industrial facilities, and office towers.

As his experience grew, DiPietra worked on some of New York City’s most prominent assets, including the New York Times Building and several World Trade Center properties. He later led the New York office of a major real estate services firm, managing a team of 40 professionals and overseeing thousands of appraisal reports annually.

Today, as co-founder of H&T Appraisal, he is focused on building a national valuation practice while continuing to contribute to the commercial real estate industry through disciplined analysis and a commitment to lifelong learning.

Q: Let’s start at the beginning. What first drew you into the world of finance and real estate?

I grew up between New Jersey and upstate New York, and I was always curious about how businesses and markets worked. After finishing school, I moved to Burlington, Vermont, where I studied accounting and finance while also spending some time pursuing music. It was a fun period of life, but eventually I realised I wanted to focus on business. I moved back to New York City and began working as an equity trader. That experience was important. It gave me a front-row seat to how markets behave in real time.

Q: What made you transition from trading to real estate valuation?

Trading taught me how markets price risk, but I was drawn to work that involved deeper analysis and problem-solving. I entered the real estate valuation field as a residential appraiser. I quickly found that the work suited me. Every assignment required research and careful judgment. No two properties were exactly the same. That variety kept the work interesting.

Q: How did your career evolve from residential work into commercial valuation?

After gaining experience in residential appraisal, I began working on commercial assignments. I started with smaller properties such as apartment buildings and mixed-use assets. Over time, the work became more complex. I moved into retail centres, industrial facilities, and office buildings. The commercial side of the industry demands a broader understanding of markets, leases, and capital structures. It pushed me to keep learning.

Q: You’ve appraised some of New York City’s most recognisable buildings. What is different about valuing landmark assets?

Landmark properties come with varying levels of complexity. When you appraise a building like the New York Times Building or properties within the World Trade Center complex, the scale is enormous. These assets involve sophisticated ownership structures, major corporate tenants, and global investor attention. A small change in an assumption can significantly affect value. That means the analysis has to be extremely disciplined.

Q: What does that process actually look like behind the scenes?

It involves a lot of research. You are studying lease structures, tenant credit quality, operating costs, and market trends. You are also reviewing comparable sales and rental data. In a city like New York, even a few blocks can make a difference in value. Understanding those micro-markets is critical. The work requires patience and precision.

Q: At one point, you led a large appraisal team in New York. What was that experience like?

Leading a team changes your perspective. I managed a group of about 40 professionals who produced thousands of appraisal reports each year. When you operate at that scale, systems and standards become very important. You need a consistent methodology and strong internal review processes. Leadership in that environment is about maintaining quality while helping people develop their own skills.

Q: You later co-founded H&T Appraisal. What motivated that step?

After many years in the industry, I felt ready for a new challenge. Launching a firm allowed me to focus on building something from the ground up. The goal has been to create a valuation practice that combines disciplined analysis with strong professional standards. We are working to expand coverage nationally while maintaining the technical quality that clients expect.

Q: The real estate market has changed significantly over the years. How do you keep up with those shifts?

You have to stay curious. Markets evolve constantly. Interest rates change. Demand patterns shift. Technology influences how buildings are used. I spend a lot of time reading market research, economic reports, and historical analysis. The more context you have, the better you can interpret what is happening today.

Q: You’ve mentioned curiosity several times. Why is that important in valuation work?

Valuation is not just a formula. It involves judgement. Two professionals can review the same data and arrive at slightly different conclusions. What matters is whether your reasoning is supported by evidence. Curiosity helps you ask better questions. It pushes you to examine assumptions rather than accept them at face value.

Q: Outside of work, what keeps you grounded?

I enjoy skiing and riding enduro motorcycles. Both activities require focus and balance, which is not very different from business. You have to pay attention to your surroundings and adjust quickly when conditions change. I also spend time reading about art, history, and anthropology. Those subjects provide perspective on how cities and societies evolve over time.

Q: When you look at your career so far, what stands out most to you?

The variety. Real estate valuation gives you a unique view into how cities grow and how markets function. One week, you may be studying a small mixed-use property. Next, you may be analysing a major office tower. That constant change keeps the work engaging.

Q: Finally, what advice would you give someone entering the field today?

Stay curious and stay disciplined. Learn the fundamentals of analysis, but also pay attention to how markets behave in the real world. Real estate is a long-cycle business. If you commit to understanding it deeply and continue learning, the opportunities tend to follow.

Shares of Fastly, Inc. (NYSE: FSLY) soared to a four-year high in recent trading sessions, climbing more than 13% intraday on March 23, 2026, as the edge cloud platform provider rode continued enthusiasm for its AI-driven growth prospects and robust fourth-quarter 2025 performance.

Fastly’s stock opened around $25.21 and reached as high as $28.65 during the session, marking its strongest level since early 2022. The rally extended a remarkable turnaround for the company, with shares up over 180% year-to-date and more than 300% over the past 12 months. The surge has pushed the market capitalization above $4 billion, reflecting renewed investor confidence in Fastly’s edge computing and content delivery network services amid booming demand for low-latency AI applications.

The momentum traces primarily to Fastly’s February 11, 2026, earnings report, which delivered record results for the fourth quarter and full year 2025. Revenue hit $172.6 million, up 23% year-over-year, surpassing analyst expectations. Non-GAAP earnings per share came in at $0.12, beating estimates by $0.06, while gross margins reached a record 61.4% (non-GAAP 64.0%). Executives highlighted strong growth in network services (19%) and security offerings (32%), crediting AI tailwinds for accelerating adoption.

Guidance for 2026 reinforced optimism, with the company projecting full-year revenue of $700 million to $720 million and non-GAAP operating income of $50 million to $60 million. First-quarter 2026 outlook called for revenue of $168 million to $174 million and non-GAAP EPS of $0.07 to $0.10. Analysts responded positively, with price target increases including RBC Capital lifting its target to $20 from $12 in early March and others following suit.

“Fastly is benefiting from the AI infrastructure buildout, where edge computing reduces latency for real-time applications like generative AI inference and content personalization,” one analyst noted in a post-earnings note. The company’s platform enables faster data processing closer to users, a key advantage as enterprises scale AI workloads.

Recent partnerships and deals added fuel. Reports highlighted a new agreement with a Dublin-based firm, contributing to the stock’s push toward multi-year highs. Fastly’s focus on compute@edge capabilities has positioned it well against competitors like Cloudflare and Akamai in the evolving CDN landscape.

However, the rally has not been without cautionary signals. Insider selling has persisted throughout the upswing, with executives including CTO Artur Bergman executing dozens of transactions from late 2025 into March 2026. Bergman sold shares across a wide price range, starting near $10 and continuing up to around $25. Other top officers, including the CEO and CFO, have also offloaded stock, prompting questions about whether insiders view the valuation as stretched.

On March 4, President of Go-to-Market Scott Lovett sold 73,715 shares for approximately $1.55 million at an average price of $21.06. While such sales often occur for personal reasons like diversification or tax planning, the volume amid the rally has drawn scrutiny from some investors.

The stock’s rapid ascent has also sparked valuation debates. Trading at forward price-to-sales multiples around 5-6x, Fastly appears expensive relative to historical norms and peers, especially given ongoing net losses (trailing EPS around -$0.83). Analysts’ consensus one-year price target hovers near $13-20 in some reports, well below recent levels, suggesting potential overextension.

Broader market dynamics play a role. Amid geopolitical tensions and oil price volatility impacting tech sentiment, Fastly has bucked trends, benefiting from AI sector enthusiasm. Nvidia’s investments in related cloud players have lifted sentiment for edge and AI infrastructure names.

Fastly’s convertible notes due March 2026 matured mid-month, with discussions around repayment or conversion adding short-term overhang before the rally resumed. The company managed the maturity without major disruption, supporting operational continuity.

Looking ahead, Fastly’s next earnings are expected in early May 2026 for the first quarter. Investors will watch for sustained AI-driven revenue acceleration and margin expansion. The company continues investing in product innovation, including enhanced security and compute features to capitalize on edge trends.

Despite the impressive run, questions linger about sustainability. Insider activity and elevated multiples suggest caution, even as fundamentals improve. Fastly’s transformation from post-pandemic struggles to AI beneficiary has captivated the market, but maintaining momentum will require consistent execution in a competitive field.

As trading continues on March 24, 2026, Fastly remains one of the standout performers in cloud infrastructure, with its stock reflecting both excitement over growth prospects and the risks of a momentum-driven surge.

Operator

Good morning, ladies and gentlemen, and welcome to Light’s Fourth Quarter of 2025 Earnings Call. Today’s event will be held in Portuguese and will be simultaneously translated into English. If you’d like to change the language you’re hearing, you can click on the Interpretation button on the lower bar. We’d like to inform you that this event is being recorded, and a recording will be available on the company’s Investor Relations website along with the materials used on this presentation, which are already available there. [Operator Instructions] Before we continue, I’d like to underscore that any statements made during the company’s call about the company’s future business perspectives, projections and operational and financial goals are simply the directors’ beliefs and assumptions, and this is based on the information that is currently available for the company.

Remarks about the future are not a guarantee of performance as they involve risks, uncertainties and assumptions, which refer to future events that, therefore, depend on circumstances that may or may not occur. Investors should understand that the general economic conditions, industry conditions and other operational factors may affect the company’s future results and lead to results that differ materially from those expressed in these forward-looking statements. We will now begin the company’s presentation with Mr. Alexandre Nogueira, CEO, who will give his opening remarks and talk about the company’s results. We will hand it over to him. Go ahead, sir.

Alexandre Ferreira
CEO &, Member of Executive Board & Deputy Chairman

Good morning, everyone, and welcome to our earnings call. Light ended 2025 with consistently stronger operational fundamentals compared to recent years, with a debt structure appropriate for

A delegation of private and public sector organisations will be trying to attract investment at the event in Leeds in May

The North East will be sending a delegation to this year’s UK’s Real Estate Investment and Infrastructure Forum (UKREiiF) event in a bid to secure investment to the region.

The delegation to the event in Leeds this May will be led by North East mayor Kim McGuinness and will be the second year that the region has had a presence at the country’s largest real estate conference. Organisations from the public and private sectors, including Newcastle Airport and Knight Frank, will be involved in the delegation.

UKREiiF attracts more than 16,000 attendees and aims to unlock sustainable and transformational investment for different parts of the UK. The North East England pavilion will be positioned prominently on the dock near the Royal Armouries, and will host a three‑day programme of events and opportunities to engage with investors.

NewcastleGateshead Initiative (NGI) are delivering the North East delegation on behalf of the North East Combined Authority, working with private sector partners.

Mayor Kim McGuinness said: “I am really excited North East England is returning to UKREiiF this year to speak with a single powerful voice about the fresh offer we can make. We are investing record amounts in growing our green energy sector, in building thousands of new homes in new urban neighbourhoods, and in landmark cultural projects such as the Crown Works film studios and a new arena on the banks of the Tyne.

“In North East England business and the public sector really do work hand-in-hand to create real opportunity and fertile ground for investment. I look forward to joining good friends from our business community to welcome you as delegates, investors, and neighbouring regions to our North East England Pavilion. Come in to find out just how much we have to offer.”

Sunderland City Council leader Michael Mordey said: “It’s fantastic to see local authorities from across the North East joining forces to showcase everything that is great about our fantastic region.

“Thanks to the mayor and more devolved powers from Government, we have been able to drive forward with some seismic developmentsfor the area, from new leisure and retail hubs to the Creative Mayoral Development Zone at Riverside Sunderland.”

“The zone has already unlocked vital funding for the first phase of the Crown Works film studios, new urban neighbourhoods and projects to boost the city’s creative sector.”

This years UKREiiF event will be preceded by a Northern Investment Summit, where Northern mayors will aim to bring in investment for major projects to boost the region’s economy.

Leonid Radvinsky, the reclusive Ukrainian-American billionaire who transformed the adult content platform OnlyFans into a global powerhouse generating billions in revenue, died March 23, 2026, at age 43 after a prolonged private struggle with cancer, the company confirmed in a statement.

“We are deeply saddened to announce the death of Leo Radvinsky,” an OnlyFans spokesperson said. “Leo passed away peacefully after a long battle with cancer. His family have requested privacy at this difficult time.”

The announcement, released Monday morning, shocked the tech and entertainment industries, where Radvinsky—often called Leo—maintained an extraordinarily low profile despite owning one of the most controversial and profitable digital platforms of the past decade. No further details on the type of cancer or exact circumstances of his death were provided, aligning with the family’s wish for privacy.

Radvinsky acquired Fenix International Limited, the parent company of OnlyFans, in 2018 through a series of transactions that positioned him as the majority shareholder and director. Under his leadership, the subscription-based site exploded in popularity during the COVID-19 pandemic, allowing creators—primarily in adult entertainment but also musicians, fitness instructors and others—to monetize direct fan support. By 2024, Forbes estimated Radvinsky earned approximately $1.9 million per day from the platform, contributing to his billionaire status and making him one of the wealthiest figures in online content.

OnlyFans reported paying out more than $5 billion to creators in recent years, with the company taking a 20% cut on transactions. The platform’s model revolutionized the adult industry by shifting power from traditional studios to individual performers, though it faced repeated scrutiny over content moderation, underage access concerns and payment processor pressures. In 2021, OnlyFans briefly announced plans to ban sexually explicit material before reversing course amid creator backlash, a decision attributed to Radvinsky’s influence.

Born in Odesa, Ukraine, around 1982, Radvinsky moved to the United States as a child and later attended Northwestern University. He began his entrepreneurial career in the late 1990s and early 2000s, profiting from early internet ventures including spam email operations and adult websites. By his teens and early 20s, he had built significant wealth in digital advertising and pornographic content distribution, experiences that informed his later investment in subscription platforms.

Radvinsky remained intensely private, rarely giving interviews or appearing publicly. His personal life stayed largely out of the spotlight, with limited information available about family or relationships. Reports described him as based in the United Kingdom, where OnlyFans is headquartered in London.

The death leaves uncertainty about OnlyFans’ future ownership and direction. As majority shareholder, Radvinsky’s estate now controls the company, though no succession plan has been publicly disclosed. The platform, which boasts millions of creators and subscribers worldwide, has continued operations without interruption, but industry observers speculate potential changes in leadership or strategy could emerge.

Radvinsky’s passing adds to a string of notable losses in 2026, though his low visibility meant the news caught many by surprise. Tributes from within the adult industry and tech circles began circulating on social media shortly after the announcement, with creators crediting OnlyFans for financial independence and others acknowledging its role in reshaping content monetization.

OnlyFans has not commented further beyond the initial statement, and efforts to reach representatives for additional details were unsuccessful. The company’s focus remains on supporting its community during this period, the spokesperson emphasized.

Radvinsky’s legacy is complex: a pioneer who democratized earnings for sex workers and influencers while drawing criticism for profiting from an industry often linked to exploitation and regulatory challenges. His quiet stewardship turned OnlyFans from a niche site into a cultural and economic force, influencing how digital creators sustain careers in the streaming era.

As details remain scarce, the announcement underscores the private toll of his illness. Friends, colleagues and the broader OnlyFans ecosystem now mourn a figure who shaped modern online entrepreneurship from behind the scenes.

This article was written by

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