Indiabulls says Veritas analysts demanded money

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Indiabulls says Veritas analysts demanded money
Indiabulls reacted to Veritas Research and filed a police complaint stating that Veritas analysts demanded money and causing harm to the company and its shareholders.

On Wedesday, shares of Indiabulls group companies came under the hammer, on reports that the Canada-based research firm Veritas had accused the promoters of dubious accounting practices and poor corporate governance.

"Police has booked Mr Neeraj Monga, Mr Nitin Mangal and Veritas Research Corporation under Sections of 383, 384, 420, 500, 506, 511 and 120B under FIR No 99 dated 8th August 2012. Indiabulls officers filed a complaint to the police against malafide Veritas report along with email evidence where Mr Neeraj Monga has demanded for money through his personal email that if monies are given in time then he would hold the report. The Veritas report has been published with gross incorrect data about each of the flagship companies", the company said in filing.

Veritas does not have any offices in India. Indiabulls officers also have initiated complaints against Mr Neeraj Monga, Mr Nitin Mongal, Veritas Reasearch Corporation and their accomplices to the other investigating agencies in Canada for causing harm to the company and its shareholders, further added.

The shares of the Indiabulls real estate was trading lower by 0.09%, Indiabulls was lower by 1.23%, Indiabulls Securities down by 2.40% on BSE at 12.10 pm IST.

Read more about: indiabulls
Story first published: Thursday, August 9, 2012, 12:18 [IST]
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