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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InMonga had told Business Standard that Mangal was in-charge of fact finding and data integrity for Veritas in India. He is part of several legal proceedings in India and Canada, and Indiabulls has threatened him with contempt for talking to The Wall Street Journal. Fri, Nov 28 IndiaBulls group hit back at Veritas accusing the research agency of “malafide intentions” and “intentional profiteering.

He said Gurgaon police had no right to detain Mr.

Indiabulls reacts strongly to critical Veritas report – Livemint

It was followed by Indiabulls Real Estate, which started life as part of Indiabulls Financial Services before being spun off as an independent company. The Delhi high court, however, has restrained Veritas from proceeding with the suit till the case is next heard in India in February Mangal were “unfounded allegations,” and called for the man’s release.

On Thursday, The Economic Times reported that Mangal was arrested by the Gurgaon police on Tuesday and sent to police custody for six days. In a second email, Indiabulls also refuted some of the specific issues raised by Veritas, citing filings to stock exchanges, financial statements and annual reports. 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.

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What went wrong with the Veritas report | Business Standard News

Here’s why you might want to get on board. The Bombay and National stock exchanges on Nov.


An Indiabulls spokesperson said the company has filed an anti-suit injunction before the Delhi high court. Gordon Brown The world needs Europe: The carrier, founded by Vijay Mallya, stopped flights the following year after losses widened amid mounting debt. Natural gas is quietly suffering through even worse price discounts than have plagued Alberta oil barrels, but without the government attention or assistance. It followed it up with a similar report on Kingfisher Airlines and its parent UB Holdings, observing both firms is effectively “insolvent.

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A cautious new year ahead for Dalal Street. Before he joined Veritas, Mangal was working with brokerage Edelweiss Capital as part of its non-conventional research unit called Analysis Beyond Consensus. Readers can also interact with The Globe on Facebook and Twitter.

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.

Click here to subscribe. Top Stories Street drug found in Toronto linked to overdose deaths worldwide: Democrat Elizabeth Warren close to formally announcing presidential campaign plan. Indiabulls said in an e-mailed statement Thursday incia it had filed a counter-suit in New Delhi and that Veritas and Monga failed to appear before that court despite having had notices to do so indua upon them. It recommended that 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.

Interestingly, the Indiabulls group has no holding firm. Veritas Investment Research, a Canada-based equity research firm, has come out with a scathing report on real estate-to-power group IndiaBulls accusing the group’s “controlling shareholders” of “bilking” misleading bilkig for the benefit of a few “insiders”. 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.


For its part, the company moved the Delhi High Court and won an ex-parte injunction in April against the publication of what it called a ‘defamatory article’. A report by Veritas Investment Research Corp alleges that Indiabulls Real Estate is bilking investors for the benefit of select insiders.

Mangal, who lives in India and no longer works with Veritas, has been detained by police in Gurgaon, the suburb of New Delhi. Indiabulls started life in bilkign a brokerage firm. On Tuesday, he was back in the geritas after The Wall Street Journal published an article evritas his veritae in the aftermath of the publication of the report on Indiabulls that led to his arrest.

The report, titled “Bilking India” and co-authored by Veritas’s Neeraj Monga and an Indian consultant named Nitin Mangal, recommended that investors sell Indiabulls shares — prompting multiple, overlapping legal cases in both India and Canada.

In Junethey advised investors to sell shares of Reliance Communications Ltd. The Indian firm also alleged Mr. Indiabulls responded with full-page advertisements and filed a first information report in against Veritas and the analysts. Crude oil prices to direct sugar prices in Mangal will be released promptly from custody where he is being held without charge and allowed to go home to his family.

Nitin Mangal, the analyst who weathered a storm

Veritas calls IndiaBulls piggybank for insiders Veritas Investment Research, a Canada-based equity research kndia, has come out with a scathing report on real estate-to-power group IndiaBulls verltas the group’s “controlling shareholders” of “bilking” misleading investors for the benefit of a few “insiders”.

The police booked them under Sections,and B of the Indian Penal Code. If you are looking to give feedback on our new site, please send it along to feedback globeandmail. Core sector’s growth hits mth low at 3. In a report published by Toronto-based Veritas on Aug.

Monga, tried to extort Indiabulls through a shareholder in the U.

Veritas calls IndiaBulls piggybank for insiders

HT Correspondent Hindustan Times. Mint has a copy of the suit filed by Veritas in Canada.

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