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The case goes back to 1 August 2012 when Neeraj Monga, along with analyst Nitin Mangal, released the controversial report on Indiabulls Real Estate, Indiabulls Power Ltd and Indiabulls Financial Services Ltd. Photo: Bloomberg
The case goes back to 1 August 2012 when Neeraj Monga, along with analyst Nitin Mangal, released the controversial report on Indiabulls Real Estate, Indiabulls Power Ltd and Indiabulls Financial Services Ltd. Photo: Bloomberg

Analyst gets bail in Indiabulls report case

Amit Dube, one of the lawyers representing Mangal, said he has been granted bail on a bond of Rs50,000

Mumbai: Nitin Mangal, who co-authored a controversial report by Veritas Investment Research Corp. in 2012, titled Bilking India, on three Indiabulls Group companies, was granted bail by a court in Gurgaon on Thursday.

Amit Dube, one of the lawyers representing Mangal, said he has been granted bail on a bond of 50,000.

The detailed order will be released later in the day, he said.

Mangal was arrested by the Gurgaon police on 25 November on charges of conspiracy, extortion and forgery of documents.

On 1 December, he was sent to judicial custody for 14 days by the Gurgaon magistrate court on Monday.

The case goes back to 1 August 2012 when Neeraj Monga, along with Mangal, released the controversial report on Indiabulls Real Estate, Indiabulls Power Ltd and Indiabulls Financial Services Ltd.

Monga was then the executive vice-president and head of global research at Canada-based Veritas.

Among other things, the report said disclosures made by the companies were not reliable and that select insiders at Indiabulls Real Estate were gaining at the cost of institutional and retail investors.

Indiabulls responded with full-page advertisements and filed a first information report (FIR) in 2012 against Veritas and the analyst.

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