Newsmakers of D-Street

Market regulator Sebi has disposed of adjudication proceedings against Prime Focus Limited and its directors after concluding that the company had followed the correct accounting treatment while transferring business divisions to its indirect subsidiaries.

In an order dated June 16, Sebi’s adjudicating officer Amit Kapoor held that allegations of misleading financial statements, accounting irregularities and violations of listing and anti-fraud regulations were not established.

The case stemmed from Sebi’s investigation into transactions undertaken by Prime Focus during FY20 and FY22. The company had transferred its visual effects business division to DNEG Creative Services and later sold its post-production services business to DNEG India Media Services, both indirect subsidiaries under common control.

Sebi investigation had alleged that these transactions resulted in gains of Rs 200.27 crore in FY20 and Rs 250.20 crore in FY22, which significantly boosted the company’s reported profits and net worth. The regulator had questioned whether Prime Focus should have applied accounting provisions under Ind AS 103 governing business combinations under common control.

According to the investigation, without the gain from the VFX business transfer, Prime Focus would have reported a consolidated loss of Rs 267.83 crore in FY20. Similarly, the FY22 post-production services transfer contributed Rs 250.20 crore to profits, accounting for a substantial portion of the company’s reported earnings for that year.
However, the adjudicating officer disagreed with the allegations.
The order noted that Appendix C of Ind AS 103 applies to the acquirer or transferee in a common-control transaction and not to the transferor selling the business. Since Prime Focus was the transferor and not the acquiring entity, the accounting provisions cited by Sebi investigation team were found to be inapplicable.
The order further observed that Prime Focus had accounted for the transactions under Ind AS 16 and Ind AS 38 relating to the sale of property, plant and equipment and intangible assets. The gains were recognised as the difference between disposal proceeds and carrying value of assets and were disclosed as exceptional items rather than revenue.

“The Noticee has followed correct accounting treatment in its standalone financial statements,” the adjudicating officer said.

The order also rejected allegations relating to consolidated financial statements. It found that gains arising from intra-group transactions had been eliminated during consolidation in accordance with Ind AS 110 requirements.

The adjudicating officer noted that the company’s statutory auditors had not issued any qualification regarding the accounting treatment or consolidation process.

Sebi had also questioned the timing of receipt of sale proceeds, noting that a substantial portion was received after the regulator initiated its investigation. However, the order stated that there was no evidence of fund rotation among group entities or any indication that the transactions were not genuine.

The order also cleared nine noticees, including promoter-directors Naresh Malhotra and Namit Malhotra, Chief Financial Officer Nishant Fadia and independent directors who served on the company’s audit committee.

Sebi said the allegations against the individual directors were derivative in nature and based entirely on the primary charge that Prime Focus had violated accounting standards and published misleading financial statements. Since the principal allegations against the company failed, the charges against the directors could not survive independently.

Accordingly, the adjudication proceedings initiated through a show-cause notice issued in December 2023 have been disposed of.

Shares of Elon Musk-led SpaceX jumped more than 14% on Tuesday, pushing the company’s market value to nearly $2.9 trillion and briefly overtaking Amazon while challenging Microsoft for a place among the world’s five most valuable companies.

The stock was trading around $220 in morning trade, extending gains from its blockbuster market debut last week. At current levels, SpaceX has risen more than 62% from its IPO price of $135 per share and carries a market capitalization of about $2.85 trillion.

The rally made SpaceX the largest contributor to gains in the Nasdaq Composite. The company’s valuation moved past Amazon’s $2.64 trillion and briefly exceeded Microsoft’s $2.92 trillion before paring some gains. The world’s three most valuable companies continue to command market values above $4 trillion.

Investor interest received another boost as options on SpaceX shares began trading on Tuesday, giving investors additional ways to bet on the stock’s future direction.

“Today, SPCX options launch, offering standard monthly expirations and strikes ranging from $25 to $380. If call demand is heavy, dealers might be forced to buy SPCX into this low-liquidity situation,” said Brent Kochuba, founder of options analytics platform SpotGamma.

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He added that demand from index funds could emerge as early as next week, with a larger pool of shares not expected to become available for another one to two months.
Market participants cautioned that the stock could remain highly volatile in the near term given its relatively limited free float and lofty valuation.
“We can say with certainty that this valuation makes absolutely no sense today. People are buying SpaceX in the expectation that others will buy too and push the price higher — that’s speculation,” said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank.

The sharp rise comes despite the company remaining loss-making. SpaceX reported revenue of $18.67 billion in 2025, up from $14.02 billion a year earlier, but posted a net loss of $4.94 billion following its merger with artificial intelligence startup xAI.

Investors, however, continue to focus on the company’s dominant position in commercial space launches, its Starlink satellite internet business and growing exposure to artificial intelligence through xAI.

The stock could receive additional support from upcoming index additions. SpaceX is expected to gain fast-track entry into the Nasdaq-100, making it a major holding for index-tracking funds. FTSE Russell and MSCI are also scheduled to add the stock to their indices on June 26 and June 29, respectively.

“While index inclusion alone is typically insufficient to drive sustained repricing, we see the combination of passive flows, momentum and limited float driving upside beyond historical index-addition moves,” brokerage Zephirin Group said while initiating coverage with a “buy” rating.

The company also disclosed that underwriters had exercised the greenshoe option attached to its IPO, increasing total proceeds from the offering to $85.7 billion from the original $75 billion raised last week.

Trading activity remained exceptionally strong. More than $23 billion worth of SpaceX shares changed hands by mid-morning, exceeding the combined trading volumes of Nvidia, Microsoft, Tesla and Apple.

Bridgend councillors have granted more time to the developer of the Ty’n Y Waun Solar project

Developers have been granted an extra five years to build a solar farm site planned for the west of Heol-y-Cyw in Bridgend.

The decision was made by Bridgend County Borough Council’s planning committee at a meeting in June for the project known as the Ty’n Y Waun Solar development.

This was originally approved by the Welsh Government in 2024 on the condition it would be built no more than five years after the approval.

Once completed the new energy site located between the villages of Heol-y-Cyw and Bryncethin would be expected to produce enough power for around 12,500 homes per year.

However developers at Cenin Renewables requested an extension of an additional five years to start work on the project due to potential delays with connecting the site to the National Grid.

The report given to councillors said this came as a result of changes made by the UK Government in April 2025 on how how renewable projects can connect to the grid.

It added that because of this there was a “reasonable concern that the connection date could easily be pushed back to a date that would be beyond the five-year lifetime of the permission”.

A representative speaking on behalf of Cenin Renewables said it was a timeframe change only with the project remaining exactly the same in scale and with no material planning impacts.

They added it was simply “prudent foresight” as the connection could take longer than the consent would allow for.

Councillor Tim Thomas of St. Bride’s Minor and Ynysawdre called for members to reject the proposal as he felt it could have a have “widespread impact” to the community who would have no definitive timeline for the works to be completed. He also noted the delay could see the environmental data that was collected made obsolete.

Others raised concern over a section of the report which noted how the plan could “dovetail the construction of the project” with the proposed Mynydd y Gaer wind farm that is currently waiting to be decided on.

Members felt the suggestion was speculative given the latter project was yet to be approve, though planning officers reminded the chamber the solar farm project had already been given the go-ahead by Welsh Government with the decision to approve the amended condition not linked to the wind farm site.

Cllr Simon Griffiths said he was inclined to accept the change as it would be short-sighted for the developer to have to abandon the green plans because they didn’t have enough time to connect to the grid.

Following recommendations the plans to amend the date of the works were passed by a vote eight members to four.

Operator

Welcome to the 2026 Annual Stockholders Meeting for Dogwood Therapeutics, Inc. Our host for today’s call is Greg Duncan, CEO and Chairman of the Board. [Operator Instructions] I’ll now turn the call over to our host, Mr. Duncan, you may begin, sir.

Greg Duncan
Chairman & CEO

Good morning. I am Greg Duncan, and I have been appointed Chairman of today’s meeting. I would like to express a sincere thank you on behalf of the entire Dogwood Therapeutics Board and our executive management team for your attendance at this year’s meeting.

I now call the meeting to order. Angela Walsh, Chief Financial Officer and Treasurer of Dogwood will serve as the Secretary for today’s meeting. I would also like to introduce Emily White of Equiniti Trust Company, who has been appointed as the Inspector of Elections for today’s meeting. Ms. White has previously taken her oath as Inspector of Elections.

To start, I would like to introduce the current directors of the company. In addition to myself, the directors are Dr. Abel De La Rosa, Abel has served as an Independent Director since December 2020. David a.k.a. Rick Keefer. Rick has served as an Independent Director since 2018; John C. Thomas Jr., John has served as an Independent Director since December 2020. Dr. Melvin Toh, Melvin has served as a Director since October 2024. Dr. Richard Whitley, Rich has served as an Independent Director since December 2020.

And last but not least, Alan Yu. Alan has served as a Director since October 2024. Also in attendance today are representatives of FORVIS Mazars LLP, the company’s independent registered public accounting firm.

Now

Johnson & Johnson is betting big on America, crediting Trump tax policies, top talent and a strong investment environment for inspiring a $55 billion U.S. investment push that spotlights growing confidence in U.S. manufacturing.

“We have the best talent, we have the best investment environment and, very importantly, we have now the tax policy enacted with this administration that has enabled us to be competitive,” CEO Joaquin Duato said on FOX Business’ “Mornings with Maria” on Tuesday.

“We’re playing with a hand tied to our back compared to companies that were domiciled outside of the U.S.”

“Now we can create high-skilled jobs, we can invest in America, and we can be competitive,” he added.

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Duato told “Mornings With Maria” that the company’s goal is to manufacture all its medicines, medical technologies and more in the U.S., touting the move as a “show of confidence in American manufacturing.”

Johnson & Johnson’s recent endeavors also include a more-than-$1 billion investment in a U.S. Vision manufacturing facility in Jacksonville, Florida.

While discussing such investments, Duato reiterated Johnson & Johnson’s role in medical technology and pharmaceuticals, distinguishing those businesses from the company’s former consumer health segment.

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“We are now focused on science and innovation. So what is our goal now? Our goal is to continue to deliver sustained growth through patient breakthroughs,” he said.

Duato pointed to a recently-approved medicine called Icotyde, a once-daily oral treatment for psoriasis and psoriatic arthritis with efficacy and safety designed to rival injectable biologics.

He said the development will “transform… autoimmune diseases.”

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On the medical technology side, the company is seeking approval for its first robotic surgical system, which aims to improve surgical outcomes by assisting surgeons.

“We are not a one-trick pony company. We’re a company with a stable of blockbusters,” he said.

“We have 28 platforms at Johnson & Johnson of more than $1 billion, so that gives us the confidence to be so bold to say we have line of sight to double-digit growth for Johnson & Johnson by the end of the decade, and that is remarkable for a company which is more than $100 billion.”