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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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. Fri, Nov 28 Indian police said they arrested stock analyst Nitin Mangal on charges of extortion and forgery related to a report he wrote for Veritas Investment Research Corp. Latest News Globalization at a crossroads: He said Gurgaon police had no right to detain Mr.
Here’s why you might want to get on board. Before he joined Veritas, Mangal was working with brokerage Edelweiss Capital as part of its non-conventional research unit called Analysis Beyond Consensus. 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.
The Toronto firm also accuses Indiabulls representatives of lying to Indian courts, fabricating evidence and defaming Veritas in public statements.
Top Stories Street drug found in Toronto linked to overdose deaths worldwide: Non-subscribers can read and sort comments but will not be able to engage with them in any way. Aug 11, A report by Veritas Investment Research Corp alleges that Indiabulls Real Estate is bilking investors for the benefit of select insiders. This is a space where subscribers can engage with each other and Globe staff.
Democrat Elizabeth Warren close to formally announcing presidential campaign plan. If bilkking want to write a letter to the editor, please forward to letters globeandmail. After collecting various details and Mangal’s version of the story, the reporter reached Indiabulls for its comment. He bilkimg part of several legal proceedings in India and Canada, and Indiabulls has threatened him with contempt for talking to The Wall Street Journal.
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. Find Financial Post on Facebook. Gordon Brown The world needs Europe: Mangal will be released promptly from custody where he is being held without charge and allowed to go home to his family.
Open this photo in gallery: Monga, tried to extort Indiabulls through a shareholder in the U.
What went wrong with the Veritas report | Business Standard News
The Indian firm also alleged Mr. The subject who is truly loyal to the Chief Magistrate will neither advise nor submit to arbitrary measures.
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. bilkjng
Nitin has been integral to our success in India,” he had added. Indiw report, titled vritas 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.
Comments that violate our community guidelines will be removed. In Junethey advised investors to sell shares of Reliance Communications Ltd. At that point, Veritas’s paying clients already had the scathing report on Indiabulls Real Estate Ltd. Mangal’s lawyer, Amit Dube, says charges of extortion have been concocted in order to silence a critic of corporate India.
Veritas calls IndiaBulls piggybank for insiders | business | Hindustan Times
Interestingly, the Indiabulls group has no holding firm. Indiabulls Financial Services was down 9.
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 vetitas on Indiabulls that led to his arrest. Wed, Aug 08 We aim to create a safe and valuable space for discussion and debate.
Veritas feud with Indian conglomerate results in arrest
The police booked them under Sections,and B of the Indian Penal Code. Story continues below advertisement.
Ironically, for Mangal, Indiabulls has become a stock he can’t exit. All comments will be reviewed by one or more moderators before being posted to the site.