Home / Politics / Policy /  Analyst gets 14-day judicial custody for Indiabulls report

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 sent to judicial custody for 14 days by the Gurgaon magistrate court on Monday.

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

Amit Dube, one of the lawyers representing Mangal, confirmed that he had been sent to judicial custody by the Gurgaon magistrate court and that a bail application will be moved in the sessions court at Gurgaon in a couple of days.

“A bail plea moved before the magistrate was rejected and we will move sessions court soon," Dube said.

The case goes back to 1 August 2012 when Neeraj Monga, along with Mangal, released a 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 in 2012 against Veritas and the analysts.

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