Mumbai police grill Veritas analyst over Indiabulls Real Estate report

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Ashish Rukhaiyar: Mumbai, Jan 29 2013, 06:00 IST

intervention application for becoming a party in the case. While recommending a “sell” rating, the report said that the disclosures by all the Indiabulls entities are “unreliable and that the sole purpose of Indiabulls Real Estate is to bilk institutional and retail investors for the benefit of select insiders”.

“The controlling shareholders are running the organisation as a piggybank, while proclaiming propriety and espousing credibility. The association of reputed institutions, individuals and organizations with the company is vexing to say the least,” it added.

Indiabulls was quick to respond, questioning the motive of the report along with some of the facts. The diversified business house also alleged that Veritas — named for the Roman goddess of truth — released the report to a certain select group of people before it was released in the media and to institutional shareholders.

According to the first information report, Mangal along with Monga and Veritas has been charged under Section 384 (punishment for extortion), Section 500 (defamation), Section 506 (criminal intimidation) and Section 120B (criminal conspiracy) of the Indian Penal Code, and Sections 66A and 75 of the Information Technology Act.

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