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<ul><li>Glenmark Pharmaceuticals’ subsidiary <keyword id="11114071" type="UNKNOWN" weightage="20" keywordseo="Glenmark-Life-Sciences-IPO">Glenmark Life Sciences IPO</keyword> to open on July 27 and close on July 29.</li><li>It is looking to raise ₹1,060 crore through IPO on a price band of ₹695 to ₹720.</li><li>From the overall IPO proceeds, ₹800 crore will go to the promoter Glenmark Pharmaceuticals as payment for the spin-off.</li></ul>After a strong listing by food delivery firm Zomato last week, Glenmark Pharmaceuticals’ subsidiary <keyword id="11114070" type="COMPANY" weightage="20" keywordseo="glenmark-life-sciences">Glenmark Life Sciences</keyword> is another one in line to launch its initial public offering (IPO). The IPO is likely to open on July 27 and close on July 29. Shares of the company are expected to list on bourses on August 6. Glenmark Life Sciences is a manufacturer of active pharmaceutical ingredients (APIs) catering to chronic therapeutic areas such as cardiovascular disease, central nervous system disorders, pain management, and diabetes, among others. Glenmark Life Sciences has announced to raise ₹1,060 crore through the IPO. From the overall IPO proceeds, ₹800 crore will go to the promoter Glenmark Pharmaceuticals as payment for the spin-off. In 2019, the API manufacturing business of Glenmark was spun off into Glenmark Life Sciences as part of a broader reorganisation focusing on the API business. Further, the company intends to use the proceeds from the IPO for capital expenditure requirements, which includes the expansion of capacity at the Dahej (Gujarat) manufacturing site to meet the anticipated future demand of its generic API products. Here are the important details to note: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Issue details </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹695-₹720 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO open date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">July 27 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO close date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">July 29 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allotment date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">August 3 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Initiation of refunds </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">August 4 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit of shares to demat account </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">August 5 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO listing date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">August 6 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum lot </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">20 </td></tr></tbody></table> Some analysts have recommended subscribing to the IPO because of the company’s good performance over the years, clean regulatory history and the fact that it has a strong promoter holding. “Glenmark Life Sciences has a good performance execution and [a] clean regulatory track record. The company is also a leading developer and manufacturer of select high value, non-commoditised APIs in chronic therapies and works with 16 of the 20 largest generic companies globally. The growth momentum also has a strong undercurrent of global API industry growth. We recommend subscribing to the issue,” said a report by broking firm ICICI Direct. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Broking house </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">GEPL Capital Research </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Choice broking </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SMC Finance </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscribe for long term </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICIdirect </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr></tbody></table> Although product concentration remains a key risk where top 10 products contribute 66.36%, the company aims to reduce the dependence with planned capex in FY22, said a report by GEPL Capital Research. “We recommend a subscribe rating to the issue, considering strong research and development (R&amp;D) capabilities, clean regulatory history, strong promoter backing with synergies and planned capex to drive medium term growth,” the report added. Moreover, the company is benefiting from an anti-China product strategy going around the globe. “Except for one antimalarial product segment, our demand outlook, I mean demand that we are getting from customers from the last five quarters has been extremely solid. See, no one is saying that we are buying less from China and more from India, but it is very clear to see that kind of demand. So I believe China Plus One is a real thing,” said Yasir Rajwee, chief executive officer (CEO) of Glenmark Life Sciences in an interview with Business Insider. China Plus One is a business strategy to avoid investing only in China and diversify business into other countries. “Going forward, based on our quick estimate, we are anticipating an 18.7% CAGR [compound annual growth rate] rise in the top-line [revenue] over FY21-24 and margins are also expected to expand… Considering the business growth outlook and almost stable operating margins, we assign a “Subscribe” rating for the issue,” said Choice broking in a report. Further, a report by SMC Finance recommended the IPO for long term on its expansion plans in the next two fiscal years. “Glenmark Life Sciences has generated strong revenue and margin growth in the last 3 years… Moreover, the company intends to increase its API manufacturing capabilities at Ankleshwar facility during FY22, and Dahej facility during FY22 and FY23 by an aggregate annual total installed capacity of 200 kilolitre (KL). This additional production capacity is expected to help the company further expand generic API production and also grow the oncology product pipeline. A long-term investor may opt for the issue,” said the report. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/tatva-chintan-pharma-chem-ipo-how-to-check-allotment-status/articleshow/84732059.cms">Tatva Chintan Pharma Chem IPO: How to check allotment status, listing date and more </a> <a href="https://www.businessinsider.in/finance/banks/news/yes-bank-has-reported-its-highest-net-profit-since-december-2018-at-207-crore/articleshow/84678691.cms">YES Bank’s net profit grows four fold as provision for bad loans shrink </a>

One may subscribe to Glenmark Life Sciences IPO because of clean regulatory history, strong promoter backing and good track record, say analysts

In America, when you're charged with a crime, you're afforded the right to face your accuser. But what happens when your accuser isn't human?In 2022, over five days in Akron, Ohio, jurors in the murder trial of a 19-year-old named Adarus Black heard from 17 witnesses, none of whom could place Black at the scene of the drive-by shooting that killed Na'Kia Crawford. They viewed surveillance footage, none of which showed Black in the car from which the bullet was fired. They were told the police had tried and failed to find Black's DNA in the car.Witnesses saw Black with the driver of the car at a party shortly before the shooting. One witness testified that he saw Black leave with the driver; another witness said they saw the driver with someone but couldn't identify the person. The car was seen speeding past Crawford at the time of the shooting. But prosecutors had no direct evidence tying Black to the location of the murder, an Ohio appellate court later said.What they did have was a secret weapon: the testimony of Adam Mosher and his AI-powered crime-fighting tool, Cybercheck. Mosher testified in court that Cybercheck, using a million lines of code and 740 proprietary algorithms, spent 21 days poring over hundreds of terabytes of publicly available data to triangulate Black's cellphone at the time of the murder and place him within a few feet of the crime scene with more than 90% accuracy. Mosher told jurors that his technology could detect when a phone pings a nearby WiFi network in a fully automated process that could be performed without the phone itself. A lawyer for Black who had been appointed by the court four days before the start of the trial never questioned these claims.Jurors deliberated for less than four hours before returning a guilty verdict. Black's attorneys, who interviewed members of the jury after the verdict, <a target="_blank" class="" href="https://www.documentcloud.org/documents/25032836-adarus-black-petition-for-post-conviction-relief">claimed in a posttrial motion</a> that the jurors said they would not have convicted Black without Mosher and his Cybercheck report. Mosher and Cybercheck were the "sole basis for conviction," Black's attorneys wrote.Black is one of many criminal defendants whose fates were determined in part by Cybercheck's secret algorithm. The program has popped up in cases in Colorado, New York, and Florida. On its website, the company claims to have "proven success" in more than 300 cases, including 209 homicide cases. As <a target="_blank" href="https://www.nbcnews.com/news/crime-courts/ai-tool-used-thousands-criminal-cases-facing-legal-challenges-rcna149607">NBC News said</a> in a story about Cybercheck's widespread use, at least one prosecutor in New York claimed in a legal filing that it had been used in nearly 8,000 cases.Business Insider has identified more than 100 law-enforcement agencies that have contracted with Cybercheck, including police departments in Philadelphia, Houston, and Denver.But serious questions have been raised about the program and its reliability. At least one attorney in Akron has called out inconsistencies in Mosher's résumé, including trials he claims to have testified in that never happened and a university peer review that was never performed. In one case, a judge threw out Cybercheck evidence. Prosecutors in two others have withdrawn Cybercheck reports. Mosher could face contempt-of-court charges in another case. And the sheriff's department for Summit County, Ohio, is investigating whether he provided false information in court, according to two people familiar with the matter.Little is known about Mosher, who launched Cybercheck in 2016. An archived version of his LinkedIn page, which has since been deleted, lists two years of education in media arts and film at a for-profit art school in Canada, three years of education in "Police Science and Law" at Fleming College in Toronto, and certifications in computer forensic analysis and ethical hacking. (In court documents, a defense lawyer said Mosher had no college degree and had never served in law enforcement.) It also says he worked as a security director and forensic consultant before founding Cybercheck.Mosher stepped down as <a target="_blank" href="https://cybercheck.ai/press-release/">the CEO of Cybercheck</a> in September, transitioning into the role of CTO. He was replaced by a former Salesforce employee, Chris Ramsey, who left the company a few months later.In June, Mosher was removed as a director of Cybercheck, according to business documents obtained by Business Insider. It's unclear whether he still works for the company he founded.Adam Mosher and Cybercheck did not reply to a request for comment.AI technology has at times been ascribed almost magical capabilities. It can write computer code, analyze legal documents, generate hit pop songs, and fake photos indistinguishable from reality. It's said to be coming for all our jobs, from warehouse worker to Hollywood actor.Many of these claims have been hard to verify. AI models, with their mountains of training data and billions of parameters, are often black boxes. Even their creators can't always say exactly what's going on inside them. That's left an opening for some who might seek to use the halo of artificial intelligence as a cover for technology that's less than reliable.Police departments and prosecutors across the country are increasingly relying on AI software to <a target="_blank" href="https://innocenceproject.org/when-artificial-intelligence-gets-it-wrong/">recognize faces</a>, <a target="_blank" href="https://cu-citizenaccess.org/2023/12/champaigns-trial-run-of-gunshot-detection-program-fires-blanks/">detect gunshots</a>, <a target="_blank" href="https://thehill.com/business/personal-finance/4571982-ai-black-box-legal-system/">forecast crime</a>, <a target="_blank" href="https://www.theguardian.com/technology/2024/mar/25/san-jose-homelessness-ai-detection">spot homeless encampments</a>, and <a target="_blank" href="https://www.brennancenter.org/our-work/analysis-opinion/documents-reveal-how-dc-police-surveil-social-media-profiles-and-protest">generate lists of activists, "thought leaders," and "disrupters"</a> to be targeted for surveillance.But defense attorneys face an uphill battle in trying to challenge the reliability of evidence generated using AI. After all, you can't cross-examine a black-box model. Though prosecutors are generally required to turn over all evidence during the discovery process, companies like Cybercheck can argue the algorithms and training data that power these AI tools are proprietary trade secrets of the private companies that develop them and therefore can't be disclosed.In many cases, prosecutors themselves don't even have access to the source code and haven't reviewed the underlying technology. It then falls to local judges, who likely don't have doctorates in computer science or an understanding of high-level matrix math, to decide whether to grant access to the defense.In Summit County, Ohio, prosecutors were using Cybercheck for nearly two years before someone started asking questions. That someone was Donald Malarcik, a defense attorney in Akron who has represented eight clients in Summit County who've been prosecuted using Cybercheck evidence.He first encountered the software in 2022 when he took on the case of Javion Rankin, who was charged with murder in the death of Tyraye Carter in 2020. In that case, court filings say, a Cybercheck report linked Rankin to an email address — babygirlcrawford2003@yahoo.com — and an IP address that together placed Rankin at the scene of the crime."I hired some digital-forensic experts, and they started looking at it, and they're like, I don't know what the hell this thing is," Malarcik told BI. "The first thing they say is let's get access to it." Malarcik said that the judge in the case ordered prosecutors to turn over the source code for Cybercheck — but that prosecutors refused."The prosecutor says no, we don't have it, we can't get it, and Adam Mosher won't give it to you," he said.Malarcik went looking for other cases where Mosher's technology had appeared. That led him to a defense attorney named Eric Zale, who was representing a client in Boulder, Colorado, facing evidence generated by Cybercheck.Malarcik and Zale agreed to pursue a similar strategy. They asked their judges to issue orders requiring Mosher to provide comprehensive details about his past testimonies, including case names, dates, and locations where he had served as an expert witness.While he initially claimed during testimony in court to have been an expert witness in more than a dozen cases, Mosher could identify only two cases, both in Canada, where he had testified, according to transcripts of the Ohio proceeding. Zale dispatched a private investigator to contact prosecutors in both cases. They disputed Mosher's recollections — and one said no criminal trial had ever occurred."Mr. Mosher has not testified as a witness (expert or otherwise) on one of our files (in trial or any other type of proceeding)," Shara Munn, a New Brunswick crown prosecutor, wrote in an email attached <a target="_blank" class="" href="https://www.documentcloud.org/documents/25032836-adarus-black-petition-for-post-conviction-relief">as an exhibit in a court filing</a>. She wrote that the first time she'd even heard of Mosher was when he approached law enforcement of his own accord offering his services as an expert witness. The suspect in that case was an employee of a company Mosher had done consulting work for. No one was ever charged."Mr. Mosher has apparently testified he provided expert evidence on one of my cases. This is not accurate," Richelle Freiheit, a Calgary crown prosecutor, wrote in a similar email attached as an exhibit in a court filing. She wrote that Mosher reached out to her office offering a trove of data he said was evidence of child-sexual-abuse material. The suspect in that case was Mosher's brother-in-law, Freiheit wrote."Technicians were unable to read or analyze it or locate anything pertaining to CSAM," she wrote. The defendant in that case pleaded guilty on the first day of trial, and no one ever testified, the email said.Mosher never produced transcripts of his testimony in either case, even after a judge ordered him to do so.The prosecutor in the Colorado case, after learning about these inconsistencies in Mosher's story, dropped the charges against Zale's client."Based upon information recently obtained, the People no longer have a reasonable likelihood of conviction should this case proceed to trial," Meghan "Breck" Roesch, a deputy district attorney, <a target="_blank" class="" href="https://www.documentcloud.org/documents/25032836-adarus-black-petition-for-post-conviction-relief#document/p35">wrote in a legal filing at the time</a>.Back in Akron, the judge in Rankin's case ordered the Cybercheck evidence excluded after prosecutors failed to turn over the source code.The "defendant cannot prepare a defense when denied access to an undisclosed proprietary software program and framework that cannot be replicated," she <a target="_blank" class="" href="https://www.documentcloud.org/documents/25032837-order-to-exclude-in-rankin">wrote in her ruling.</a> The filing also included screenshots of a Google search she performed in which she was able to link the email address in the Cybercheck report, babygirlcrawford2003@yahoo.com, to a disc-golf player in Nevada and the IP address to a computer in Pennsylvania.But unlike Roesch in Colorado, Ohio prosecutors weren't ready to give up on Cybercheck. They've appealed the judge's decision, arguing that because they themselves don't have Mosher's underlying code, they aren't required to turn it over. Rankin, who's still on trial, has been released while the appeal is pending.Malarcik, for his part, isn't finished with Mosher and Cybercheck."Now I just find every murder case in Summit County that's using Cybercheck and I volunteer," he said. "I say I'm going to join your defense team pro bono. I won't charge a dime, and we're going to stop this nonsense."One of those cases was the murder trial of 61-year-old Phillip Mendoza. On the evening of August 2, 2020, gunshots rang out on Fifth Avenue in East Akron, Ohio. Kimberly Thompson and Brian James were struck in the legs as they exited their car, sustaining non-life-threatening injuries. Thompson's 20-month-old grandson, Tyree Halsell, was struck in the head and later died at a local hospital.Two years later, at the request of the Akron Police Department, Cybercheck's automated system, ostensibly without any human in the loop, searched publicly available data and issued a report that placed Mendoza's phone at the location of the shooting with 93.13% accuracy. The only problem? The report, a copy of which was attached to a court filing, claims Mendoza's phone was at the crime scene on August 20, 2020, 18 days after the shooting.This went unnoticed for four months, until the police department informed Cybercheck of the discrepancy on January 24, 2023, according to <a target="_blank" class="" href="https://www.documentcloud.org/documents/25032831-mendoza-objection-to-mtc-2-1-output">documents included in a court filing.</a> That day Cybercheck issued a word-for-word identical report, citing the same data with the same 93.13% accuracy rate. But the date was changed to August 2, 2020. One month later, Mendoza was arrested and charged with murder.The Akron Police Department did not reply to a request for comment.Vestige Digital Investigations, a forensics company Malarcik hired to review Cybercheck's evidence, submitted a report to the court calling into question "the accuracy and legitimacy of the CyberCheck system" for producing two identical reports with different dates. "It is implausible that the same number of cyber profile hits, for the same cyber profile, was picked up by the same wireless routers at the same time on two different days," the report concluded.In a motion in Mendoza's trial, Malarcik <a target="_blank" class="" href="https://www.documentcloud.org/documents/25032831-mendoza-objection-to-mtc-2-1-output">also challenged Mosher's claims</a> about Cybercheck's use in another case in Ohio. Mosher had testified in two Summit County murder trials about using Cybercheck to help locate a suspect hiding in a tree in Portage County. In court transcripts, Malarcik said that he spoke to the head of the criminal division in Portage County, Steve Michniak, who had never heard of Mosher or Cybercheck, and that the details of the homicide Mosher described didn't match any of the three homicides in Portage County that year. Malarcik said Michinaik told him that officers did find a suspect in a tree, but not as part of a homicide investigation, and that the officers found the suspect with a drone using an infrared camera.During Mendoza's trial, Mosher testified that Cybercheck had been peer-reviewed by scientists at the University of Saskatchewan, a claim that the university later denied."The University of Saskatchewan was not involved in the creation of this document nor did they create any content for this document," a university representative wrote in an email attached to a court filing.Following that revelation, the judge in the case referred Mosher to Summit County's sheriff's department, which opened an investigation into whether he provided false information to the court, two people familiar with the matter said.When reached for comment, William Holland at the department said he could not comment on an ongoing investigation.Prosecutors in Mendoza's case ultimately decided to withdraw Cybercheck's evidence before it could be subjected to a hearing to determine its reliability. Mendoza is still on trial.Indeed, Summit County prosecutors seem to be souring somewhat on Mosher and his model. They've withdrawn Cybercheck evidence in at least two cases. Nearly two years after they began using Mosher's company, prosecutors said in court documents that they were looking for experts to study the validity of its evidence."Not to put too blunt a point on it," one prosecutor, Brian Stano, said in court transcripts, "Mr. Mosher, great at software, great at open-source intelligence, a work in progress on the law."The Summit County Prosecutor's Office declined to comment when reached by BI.Adarus Black remains in a medium-security prison on the shores of Lake Erie, serving a life sentence for murder. He's appealing the conviction, arguing that his lawyer failed him at trial by not challenging Mosher's testimony.His lawyer would have had little time to challenge anything — he was appointed only four days before the start of the trial. Before the trial began, according to a court transcript, the judge warned Black that he was facing a new kind of evidence, "something that's a little more unusual than we typically see in trial." Black's attorney responded that he had more than 20 years of experience handling murder cases and had "a good idea of what to expect and how to handle the case."Black's attorneys did not reply to a request for comment.It's unclear how many others may be behind bars because of Cybercheck evidence that was never rigorously scrutinized."AI is so new, and there's so much hype," Malarcik said. "These police officers and prosecutors just bought into the latest, greatest claims that AI will solve everything."Additional reporting by Katherine Long and Jack Newsham

Prosecutors used an AI tool to send a man to prison for life. Now the person who created it is under investigation.

<ul><li>The company is likely to announce its share allotment status on October 6.</li><li>The mutual fund company’s IPO was subscribed 5.25 times on the last day of bidding.</li><li>Investors have bid for 14.59 crore shares against the 2.77 crore shares on offer.</li></ul>The mutual fund company Aditya Birla Sun Life AMC is likely to announce the allotment of its initial public offering (IPO) status on Wednesday, October 6. The IPO was open for subscription between September 29 and October 1. The mutual fund company is looking to raise ₹2,768 crore through sale of 3.88 crore shares. The IPO proceeds will go to promoters since the company is a joint venture between Aditya Birla Capital and Canadian firm Sun Life AMC. Both the promoters will jointly sell a 13.5% stake in the company through the IPO. Overall, investors have bid for 14.59 crore shares against the 2.77 crore shares on offer. The portion for qualified institutional investors was subscribed 10.36 times while the non-institutional investor category received a bid for 4.39 times. The IPO has received decent response from investors overall, however, qualified institutional buyers and non-institutional investors subscribed to it the most. A tepid response from investors and weak grey market premium indicates a weak listing for the company’s stock. The grey market premium slipped to ₹4 from ₹70 in the last week. However, analysts expect the mutual industry’s AUM to grow by 11-13% in the next five years at ₹57 trillion and Aditya Birla Sun Life AMC to benefit from strong industry prospects given it is among the top five players. The ₹36 trillion mutual fund industry in India, with 44 players may see consolidation happening in the next couple of years considering the majority of the market is held by the country’s top 10 fund houses, said the company in an interview to Business Insider. As of June quarter 2021, the top 10 mutual fund companies held 82% of the market share, as per Association of Mutual Funds in India (AMFI) data. The fourth largest mutual fund (MF) company Aditya Birla Sun Life AMC, which opened its IPO on September 29, alone holds over 8% market share. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sebi-approves-fino-payments-banks-1300-crore-ipo-paytm-next-in-line/articleshow/86755408.cms">SEBI approves Fino Payments Bank’s ₹1,300 crore IPO, Paytm next in line</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/thanks-to-remdesivir-kwality-pharmas-stock-is-up-from-59-to-over-922-in-just-over-nine-months/articleshow/86750890.cms">Thanks to Remdesivir, Kwality Pharma’s stock is up from ₹59 to over ₹922 in just over nine months</a>

Aditya Birla Sun Life AMC IPO allotment starts tomorrow, IPO was subscribed 5.25 times

<ul><li><keyword id="11265920" type="UNKNOWN" weightage="20" keywordseo="Krsnaa-Diagnostics-IPO">Krsnaa Diagnostics IPO</keyword> opens on August 4 and closes on August 6.</li><li>Demat account, trading application and UPI ID are mandatory if you are applying for an initial public offering (IPO).</li><li>Krsnaa Diagnostics is looking to raise ₹1,213 crore at the upper price band of ₹ 954 per share.</li></ul>Another initial public offering (IPO) in line this week is of Krsnaa Diagnostics, one of the fastest-growing diagnostic chains in India. The company offers a wide range of diagnostic services such as imaging (including radiology), pathology/clinical laboratory and tele-radiology services to public and private hospitals, medical colleges and community health centres across India. It is looking to raise ₹1,213 crore at the higher end of the price band of ₹933-954 per share. Here is a guide on how to apply for IPOs easily. Firstly, to invest in an IPOs, you need to apply to buy a ‘lot of shares’ from the market. The bidding for these IPOs is usually open for three days particularly during market hours. For Krsnaa Diagnostics IPO the bidding will open on August 4 and close on August 6. A Demat account, a trading application like Zerodha, Angel Broking etc and UPI ID on BHIM app are necessary if you want to invest conveniently in an IPO. Unified payment interface (UPI) is a banking system for money transfers on payment apps like Google Pay, PhonePe and so on. One of the simplest ways to track IPOs and invest in them is through trading platforms. Here’s how you can do it through Zerodha’s Kite application, which is meant for trading stocks and commodities. <ul><li>Login to the mobile app and select the IPO option under the console. If you’re logging in through desktop, then go to console -- portfolio -- IPO.</li><li>You will find a list of IPOs that are open for investment. Select the IPO you want to invest in.</li><li>Enter your UPI ID from the BHIM app. Ensure your UPI ID is mapped to your personal bank account.</li><li>Enter the lot size (number of shares required to buy in one lot) announced by the company.</li><li>Tick on the cut off price for more chances of allotment of shares as it indicates investor’s willingness to subscribe to shares at any price discovered within the price band. Cut off price is the issue price.</li><li>Retail investors can bid for a maximum of three lots.</li><li>After this step, click on the check box to confirm and submit.</li><li>The last step is to accept the mandate request for proceeding with IPO on your BHIM UPI app. Once you accept the mandate, the amount of funds for IPO will be blocked till the allotment.</li><li>Now wait till the allotment date of shares to see if you have received the lot size you bid for.</li></ul>If you have invested through broking firm like Upstox, here are the 5 simple steps to invest in an IPO: Step 1: Login to the Upstox application or website with your credentials. Step 2: Select the IPO that you want to invest in and create an IPO application. Step 3: Add up to 3 bids within the price range. Step 4: Confirm your application. Step 5: Accept the UPI mandate and block funds on your mobile UPI app Another way to invest is through your bank. This option is generally available between 5 a.m. and 11 a.m. on the bank’s website. Here’s how to do it: <ul><li>Log in to your bank’s net banking account.</li><li>Go to the investment section and select the IPO option.</li><li>Fill your investment and bank account details to complete the verification process.</li><li>Later select the IPO you want to apply for.</li><li>Enter the number of shares and bid price.</li><li>Read and accept ‘terms and conditions’ documents.</li><li>Submit your application.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-ports-shows-a-record-quarterly-volume-growth-while-the-shares-have-already-run-up-over-7-in-last-5-days/articleshow/85005554.cms">Adani Ports shows a record quarterly volume growth while the shares have already run up over 7% in last 5 days </a><a href="https://www.businessinsider.in/stock-market/news/heres-why-nifty-broke-the-16000-barrier/articleshow/85004061.cms">Here’s why Nifty broke the 16,000 barrier ⁠— Titan, HDFC, Nestle and Ultratech tell the story of the euphoria in the Indian stock market </a>

Krsnaa Diagnostics IPO opens—here is all you need to know

<ul><li>Aditya Birla Sun Life AMC’s IPO is opening on September 29 and will close on October 1.</li><li>The firm is looking to raise ₹2,768 crore through public listing.</li><li>Aditya Birla Sun Life AMC is the fourth largest mutual fund house in the industry with ₹2.75 billion average assets under management.</li></ul>The initial public offering (IPO) of Aditya Birla Sun Life AMC is opening on Wednesday, September 29 and closing on October 1. The IPO of the mutual fund company might receive a good response from investors considering its decent premium in the grey market. The grey market premium of the fund house’s IPO is 10% higher at ₹70 per share from its price band of ₹695-712. The mutual fund company is looking to raise ₹2,768 crore through sale of 3.88 crore shares. Meanwhile, analysts feel that there is little room for the stock to rise in the near term. Abhay Doshi, founder at UnlistedArena.com told <a href="https://www.livemint.com/market/ipo/aditya-birla-amc-ipo-what-gmp-signals-before-subscription-opens-this-week-11632710781633.html">Mint</a> that, “At the upper band of ₹712, the issue looks priced in-line with its listed peers…The long term prospect of the company tends to be impressive owing to huge under-penetration in capital markets but at the same time, there are many alternatives present to play this theme." Here are some of the important dates related to the IPO: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Issue details </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹695 to ₹712 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO open date </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 29 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO close date </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">October 1 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allotment date </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">October 6 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Initiation of refunds </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">October 7 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit of shares to demat account </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">October 8 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO listing date </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">October 11 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum lot </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">20 </td></tr></tbody></table> Aditya Birla Sun Life AMC is the fourth largest mutual fund house in the country with ₹2.75 billion average assets under management after SBI MF, HDFC MF and ICICI Prudential MF as of June quarter. The mutual fund company will be the fourth fund house to get listed on exchanges. So far, HDFC AMC, Nippon Life India AMC and UTI AMC are listed. The IPO will make a debut by selling 3.88 crore shares to the public. The company manages 135 schemes comprising 35 equity, 93 debt, 2 liquid schemes, 5 exchange traded funds (ETFs), and 6 domestic Funds of Funds as of December 31, 2020. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/reliance-industries-shares-hit-record-high-trading-at-over-2500/articleshow/86547883.cms">Reliance Industries’ shares hit record high, trading at over ₹2500 in early morning trade</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/zee-entertainment-shares-fall-in-todays-trade-as-invesco-insists-the-board-to-hold-egm-before-sony-deal/articleshow/86546922.cms">Zee Entertainment shares fall 3% in today’s trade as Invesco insists the board to hold EGM before Sony deal</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/these-upcoming-movies-from-akshay-kumar-aamir-khan-and-ajay-devgn-will-be-screened-in-maharashtra-from-october-22/articleshow/86548487.cms">These upcoming movies from Akshay Kumar, Aamir Khan and Ajay Devgn will get a boost as PVR, INOX and other screens in Maharashtra open next month</a>

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