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.

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Veritas feud with Indian conglomerate results in arrest – The Globe and Mail

Nobody had seen him, he wasn’t talked about in the financial circles and was largely a shadow figure. According to the Veritas report, the three controlling shareholders of Indiabulls Real Estate own Mint has a copy of the suit filed by Veritas in Canada.

Indiabulls Financial Services Ltdcame a few years later. It was followed by Indiabulls Real Estate, which started life as part of Indiabulls Financial Services before being spun off as an independent company.

Mangal has been questioned by the Mumbai police on several occasions, but he was not arrested as the Bombay high court has already granted vrritas anticipatory bail. John Archibald, a lawyer representing Veritas and Monga in Toronto, declined to comment in an e-mail Thursday, citing the separate legal action by Veritas and Monga against Indiabulls in Ontario.

Article text size A. Meanwhile, Indiabulls has reacted strongly to the report. Mangal’s lawyer, Amit Dube, says charges of extortion have been concocted in order to silence a critic of corporate India. Dube verias the authors stand behind their research and that the criminal proceedings were started to silence their independent criticism of corporate governance issues. Mangal has been accused of charges related to forgery, extortion and conspiracy.

Published December 3, Bilknig June 26, Indiabulls said in its first email that the allegations have ignored disclosures in the public domain made through the annual reports of FY11 and FY12, which have also been circulated to all shareholders.


In a statement of claim in Ontario, Veritas said Mr. He said that if the company had substantive complaints about the research that the proper avenue was India’s securities regulator, the Securities and Exchange Board of India. Indiabulls followed that by seeking an injunction at the High Court of Delhi, banning Veritas and the two authors from pursuing cases against it in other courts.

A week later, Indiabulls vveritas in a statement that it would press criminal charges against the authors for publishing incorrect information. Punitive damages are typically awarded in addition to actual damages in cases wherein the court is convinced that the behaviour of the named entities was harmful and deserves further monetary punishment in addition to the damages.

Nitin Mangal, the analyst who weathered a storm – Business

If you would like to write a letter to the editor, please forward it to letters globeandmail. Thu, Nov 27 Being a chartered accountant, he dug out publicly available information from filings in the stock exchanges and Registrar of Companies, and analysed the financial position of the entities.

Bbilking Indiabulls spokesperson said the company has filed an anti-suit injunction before the Delhi high court. Veritas, an equity research firm with institutional investor clients, published a highly critical report in alleging financial “shenanigans” at Indiabulls Groupa large public Indian firm that spans finance, real estate and infrastructure investments.

Mangal’s family, that includes his wife, two daughters and his mother, on the other hand, has weathered the storm along with him. Monga would indefinitely delay the report’s publication. It is our hope that Mr.

A report by Veritas Investment Research Corp alleges that Indiabulls Real Estate is bilking investors for the benefit of select insiders. Follow Iain Marlow on Twitter iainmarlow. Veritas analyst arrested in India for extortion after rating real estate company a sell. If you want to write a letter to the editor, please forward to letters globeandmail.


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Story continues below advertisement. Indian police said they arrested stock analyst Nitin Mangal on charges of extortion ibdia forgery related to a report he wrote for Veritas Investment Research Corp.

He is part of several legal proceedings in India and Canada, and Indiabulls has threatened him with contempt for talking to The Wall Street Verutas. Amit Dubeone of the lawyers representing Mangal, said the Gurgaon police included additional charges related to the forgery of secured documents while arresting him and that he would move a bail application. 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.

Nitin has been integral to our success in India,” he had added. On Thursday, The Economic Times reported that Mangal was arrested by the Gurgaon police on Bilkiing and sent to police custody for six kndia.

Veritas analyst arrested in India for extortion after rating real estate company a sell

Wed, Aug 08 In a report published by Toronto-based Veritas on Aug. The police booked them under Sections,and B of the Indian Penal Code.

Last Updated December 19, 1: This is a space where subscribers can engage with vetitas other and Globe staff. Before he joined Veritas, Mangal was working with brokerage Edelweiss Capital. Indiabulls, which could not be reached for comment, called the Veritas report a “blatant bundle of lies and factual incorrectness” in a regulatory filing.

Indiabulls Real Estate has in recent years aggressively bought land, including the 8. Log in Subscribe to comment Why do I need to subscribe? Aug 08, Aug 11,

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