Mumbai HC to hear Veritas analysts bail plea on Feb 18

Written by fe Bureau | Mumbai | Updated: Feb 5 2013, 05:53am hrs
The Bombay High Court will hear the anticipatory bail plea of Nitin Mangal, an analyst with Canada-based Veritas Investment Research, on February 18. Mangal has, however, been directed to present himself before the investigating officer on Thursday.

Further, the police have been barred from arresting Mangal till the court arrives at a decision. Mangal works as a consultant with Veritas and is the co-author of the 105-page critical report on Indiabulls Group that was released in August last year and which has led to the ongoing legal battle.

The diversified corporate house has filed an FIR against Mangal, along with Veritas and Neeraj Monga, the author of the report. According to the FIR, Mangal has been charged with Section 384 (punishment for extortion), Section 500 (defamation), Section 506 (criminal intimidation), Section 120B (criminal conspiracy) and Sections 66A and 75 of IT Act. The cops have already seized Mangal's laptop and have access to his email records.

In August 2012, Mangal, along with Monga, released a report titled Bilking India on Indiabulls Real Estate, Indiabulls Power and Indiabulls Financial Services. Indiabulls has already filed an intervention application for becoming a party in the case. While recommending a sell rating, the report said the disclosures by all Indiabulls entities are unreliable and the sole purpose of Indiabulls Real Estate is to bilk institutional and retail investors for benefit of select insiders.