Indiabulls submits email evidence of Monga demanding money

Alleges that report was released to select few before wider publishing, Veritas says this model widely used

Under attack from Canada-based for alleged governance lapses, group today accused their research head of profiteering by helping subscribers to enter short positions ahead of the wider release of the report.

According to an official, “Heavy short positions were built up in the stock ahead of the release of the report on Wednesday enabling people to take home profits by squaring off when the prices fell.”

“Police have 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 complaint to the police against malafide Veritas report along with an email evidence where Mr has demanded money through his personal email and that if monies are given in time then he would hold back the report,” the group said in a statement published in popular email group Stocktalks.

The statement added that Veritas report has been published with gross incorrect data (not interpretation of data but factual data) about each of its three flagship companies.

The statement further said that Veritas report dated August 1, 2012, was released to certain select group of people before and was released in media and to the institutional shareholders after 7 days on the 8th August 2012 along with a TV interview on 8th August by Mr Neeraj Monga. Monga openly tried to distort facts and presented erroneous data in his answers for fulfilling his personal agenda of profiteering, the statement alleged.

In response, Veritas said: “Veritas is an independent research service provider to institutional funds. Our business model is to sell research for a subscription fee – which is the standard model all independent research providers the world over employ. For subscribers to our research – our clients – we provide the full research report for their investment action. For non-subscribers and prospective clients, we only make available a summary of our report.”

According to the research firm, “This is the same practice followed by all investment banks who distribute their research to their clients. Investors have the option to subscribe to our research, or not; just as they have the option to trade with brokerage houses for their research. There has been significant market impact from our Indian research, presumably because our work and its findings are of interest to the investment public. We produce both buy and sell research, and do not have any proprietary trading positions, and have an eleven year track record as the leading independent research house in Canada.”

Veritas does not have any office in India. Indiabulls officers have also initiated  complaints against Mr Neeraj Monga, Mr Nitin Mangal, Veritas Research Corporation and their accomplices to the other investigating agencies in Canada for causing harm and injury to Indiabulls and its shareholders, the company statement said.

image
Business Standard
177 22
Business Standard

Indiabulls submits email evidence of Monga demanding money

Alleges that report was released to select few before wider publishing, Veritas says this model widely used

N Sundaresha Subramanian  |  New Delhi 



Under attack from Canada-based for alleged governance lapses, group today accused their research head of profiteering by helping subscribers to enter short positions ahead of the wider release of the report.

According to an official, “Heavy short positions were built up in the stock ahead of the release of the report on Wednesday enabling people to take home profits by squaring off when the prices fell.”

“Police have 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 complaint to the police against malafide Veritas report along with an email evidence where Mr has demanded money through his personal email and that if monies are given in time then he would hold back the report,” the group said in a statement published in popular email group Stocktalks.

The statement added that Veritas report has been published with gross incorrect data (not interpretation of data but factual data) about each of its three flagship companies.

The statement further said that Veritas report dated August 1, 2012, was released to certain select group of people before and was released in media and to the institutional shareholders after 7 days on the 8th August 2012 along with a TV interview on 8th August by Mr Neeraj Monga. Monga openly tried to distort facts and presented erroneous data in his answers for fulfilling his personal agenda of profiteering, the statement alleged.

In response, Veritas said: “Veritas is an independent research service provider to institutional funds. Our business model is to sell research for a subscription fee – which is the standard model all independent research providers the world over employ. For subscribers to our research – our clients – we provide the full research report for their investment action. For non-subscribers and prospective clients, we only make available a summary of our report.”



According to the research firm, “This is the same practice followed by all investment banks who distribute their research to their clients. Investors have the option to subscribe to our research, or not; just as they have the option to trade with brokerage houses for their research. There has been significant market impact from our Indian research, presumably because our work and its findings are of interest to the investment public. We produce both buy and sell research, and do not have any proprietary trading positions, and have an eleven year track record as the leading independent research house in Canada.”

Veritas does not have any office in India. Indiabulls officers have also initiated  complaints against Mr Neeraj Monga, Mr Nitin Mangal, Veritas Research Corporation and their accomplices to the other investigating agencies in Canada for causing harm and injury to Indiabulls and its shareholders, the company statement said.

RECOMMENDED FOR YOU

Indiabulls submits email evidence of Monga demanding money

Alleges that report was released to select few before wider publishing, Veritas says this model widely used

Under attack from Canada-based Veritas for alleged governance lapses, IndiaBulls group today accused their research head of profiteering by helping subscribers to enter short positions ahead of the wider release of the report.

Under attack from Canada-based for alleged governance lapses, group today accused their research head of profiteering by helping subscribers to enter short positions ahead of the wider release of the report.

According to an official, “Heavy short positions were built up in the stock ahead of the release of the report on Wednesday enabling people to take home profits by squaring off when the prices fell.”

“Police have 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 complaint to the police against malafide Veritas report along with an email evidence where Mr has demanded money through his personal email and that if monies are given in time then he would hold back the report,” the group said in a statement published in popular email group Stocktalks.

The statement added that Veritas report has been published with gross incorrect data (not interpretation of data but factual data) about each of its three flagship companies.

The statement further said that Veritas report dated August 1, 2012, was released to certain select group of people before and was released in media and to the institutional shareholders after 7 days on the 8th August 2012 along with a TV interview on 8th August by Mr Neeraj Monga. Monga openly tried to distort facts and presented erroneous data in his answers for fulfilling his personal agenda of profiteering, the statement alleged.

In response, Veritas said: “Veritas is an independent research service provider to institutional funds. Our business model is to sell research for a subscription fee – which is the standard model all independent research providers the world over employ. For subscribers to our research – our clients – we provide the full research report for their investment action. For non-subscribers and prospective clients, we only make available a summary of our report.”

According to the research firm, “This is the same practice followed by all investment banks who distribute their research to their clients. Investors have the option to subscribe to our research, or not; just as they have the option to trade with brokerage houses for their research. There has been significant market impact from our Indian research, presumably because our work and its findings are of interest to the investment public. We produce both buy and sell research, and do not have any proprietary trading positions, and have an eleven year track record as the leading independent research house in Canada.”

Veritas does not have any office in India. Indiabulls officers have also initiated  complaints against Mr Neeraj Monga, Mr Nitin Mangal, Veritas Research Corporation and their accomplices to the other investigating agencies in Canada for causing harm and injury to Indiabulls and its shareholders, the company statement said.

image
Business Standard
177 22
Widgets Magazine

More News

  • Costs, margins dog Aditya Birla Retail Costs, margins dog Aditya Birla Retail
  • Our debt will be negligible after exiting power distribution, roads: Lalit Jalan Our debt will be negligible after exiting power distribution, roads: Lalit Jalan
Widgets Magazine
Widgets Magazine

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard