Veritas Investment Research, a Canada-based equity research firm, has Limited (IBPOW) are unreliable,” said the report titled “Bilking India”. Veritas, in its Canada suit, has alleged that the conduct of Indiabulls a controversial report by Veritas in titled Bilking India on three. Bangalore: Veritas Investment Research Corp., the Canadian firm that’s made a Nitin Mangalof Veritas said in their report titled Bilking India.
|Published (Last):||17 September 2016|
|PDF File Size:||20.18 Mb|
|ePub File Size:||7.37 Mb|
|Price:||Free* [*Free Regsitration Required]|
In an email response, Indiabulls said: Ironically, for Mangal, Indiabulls has become a stock he can’t exit. Indiabulls said on Aug. He also recalled being chained to his bed bikking the km ‘information gathering’ trip the Gurgaon police took him on after Indiabulls complained of criminal intimidation and extortion for co-authoring a report titled Bilking India in Billing After collecting various details and Mangal’s version of the story, the reporter reached Indiabulls for its comment.
The Toronto firm also accuses Indiabulls representatives of lying to Indian courts, fabricating evidence and defaming Veritas in public statements.
Nitin Mangal, the analyst who weathered a storm
Gordon Brown The world needs Europe: I n the early days of Canada-based Veritas Investment Research Corp’s foray into India init was Neeraj Monga who, as the lead analyst in India, hogged the limelight, talking to television channels and making dire predictions with his ‘sell’ reports on stocks of various companies, including Reliance, Kingfisher, DLF and Indiabulls. Article text size A.
On Tuesday, he was back in the news after The Wall Street Journal published an article detailing his ordeal in the aftermath of the publication of the report on Indiabulls that led to his arrest. Mangal has indoa questioned by the Mumbai police on several occasions, but he was not arrested as the Bombay high court has already granted him anticipatory bail. Nitin has been integral to our success in India,” he had added.
Indian police said they arrested stock analyst Nitin Mangal on charges of extortion and forgery related to a report he wrote for Indja Investment Research Corp. It recommended indla investors not buy any of the group’s shares “at any price, unless a new management is put in charge and the financials cleansed of malfeasance.
Commenters who repeatedly violate community guidelines may be suspended, causing them to temporarily lose their ability to engage with comments. Ever since his arrest by the Gurgaon police in following a critical stock report about Indiabulls, Mangal has been the face of Veritas in India.
It followed it up with a similar report on Kingfisher Airlines and its parent UB Holdings, observing both firms is effectively “insolvent. Treat others as you wish to be treated Criticize ideas, not people Stay on topic Avoid the use of toxic and offensive language Flag bad behaviour Comments that violate our community guidelines will be removed.
What went wrong with the Veritas report
Indiabulls has also pressed charges of extortion, intimidation, forgery and criminal conspiracy against Monga and Veritas, Dube said. Monga, who is based in Toronto, no longer works at Veritas.
Wed, Aug 08 Thank you for nilking patience. Mangal’s family, that includes his wife, two daughters and his mother, on the other hand, has weathered the storm along with him. However, early this month, the publication and the journalist got the order overturned by the court and published the article.
What went wrong with the Veritas report | Business Standard News
Among other things, the report said disclosures made by the companies were not reliable and that select insiders at Indiabulls Real Estate were gaining at the cost of institutional and retail investors.
This is a space where subscribers can engage with each other vertias Globe staff.
At that point, Veritas’s paying clients already had the scathing report on Indiabulls Real Estate Ltd. It added that the application filed in the Delhi high court in March for merging Indiabulls Infrastructure Development with Indiabulls Power contains statements that can be characterized bilkingg misleading.
Subscribe to read | Financial Times
Aug 11, It was followed by Indiabulls Real Estate, which started life as part of Indiabulls Financial Services before being spun off as an independent company. Ltdand, last month, the adjacent Poddar Mill on 2.
This should only take a few moments.
The police booked them under Sections,and B of the Indian Penal Code. Monga, tried to extort Indiabulls through a shareholder in the U. Indiabulls Financial Services Ltdcame a few years later. We hope to have this fixed soon.
Veritas analyst arrested in India for extortion after rating real estate company a sell. It is our hope that Mr.