Indiabulls accuses Veritas analyst of demanding money

Indiabulls Real Estate said it has submitted ’email evidence’ to the police regarding money demanded by a Veritas analyst for holding back a scathing report against the group.

A day after shares of its various group firms plunged sharply on the back of a damning report by Canada-based Veritas, the company said it has also initiated complaints in the North American country against the research firm and two authors of the report-Neeraj Monga and Nitin Mangal.

[caption id=“attachment_412187” align=“alignleft” width=“380”]  Neeraj Monga, analyst, Veritas. Moneycontrol.com[/caption]

Veritas, which has hogged the limelight in recent months with some damning reports against Indian entities, namely Reliance Groups, Kingfisher and DLF, in its latest report has alleged serious irregularities at Indiabulls group.

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The shares of Indiabulls companies fell sharply yesterday soon after the Veritas report hit the broker terminals and dealer rooms, although the group said that the report was published with a ‘malafide’ intention for profiteering.

In a regulatory filing with the BSE, Indiabulls Real Estate said, “Indiabulls officers filed complaint to the police against malafide Veritas report along with an email evidence where Neeraj Monga has demanded for money through his personal email and that if money is given in time he would hold back the report.”

Queries sent to Monga were unanswered about allegations that he had demanded money for holding back the report. Police has booked Monga, Mangal and Veritas under various sections in an FIR dated 8 August, the company said.

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It also said that Indiabulls officers have initiated complaints with investigating agencies in Canada for causing harm and injury to the group and its shareholders. “The Veritas report has been published with gross incorrect data (not interpretation of data but factual data) about each of its three flagship companies,” Indiabulls said.

It said that Veritas analysts never spoke to any person at Indiabulls for any clarifications or facts and have never visited any of its power plant or real estate sites before releasing their commentary, as admitted by Monga himself.

Monga last night told PTI in an emailed reply that Veritas depended on publicly available information for its report. Among other issues, Veritas alleged that promoters were sacrificing corporate governance to enrich themselves.

Indiabulls further said that Veritas report, dated 1 August, was released to certain select group of people before and was released in media and to the institutional shareholders after seven days on 8 August, along with TV interview that day by Neeraj Monga, where he was openly trying to distort facts and present erroneous data in his answers for “fulfilling his personal agenda of profiteering.”

Shares of Indiabulls Real Estate were today trading 0.55 percent higher, while Indiabulls Financial Services lost 0.10 percent, Indiabulls Power 0.77 percent and Indiabulls Securities 2.54 percent.

PTI