Indiabulls accuses Veritas of 'extortion'

The Indiabulls group on Thursday filed a complaint with the Economic Offences Wing (EOW) of the crime branch in New Delhi against Canadian research firm Veritas alleging that the latter intentionally misrepresented facts to profit its clients. Indiabulls also alleged that Veritas' head was trying to extort money from the group. HT reports

The Indiabulls group on Thursday filed a complaint with the Economic Offences Wing (EOW) of the crime branch in New Delhi against Canadian research firm Veritas alleging that the latter intentionally misrepresented facts to profit its clients. Indiabulls also alleged that Veritas' head was trying to extort money from the group.

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Earlier on Wednesday, Indiabulls had given a written complaint to the EOW Mumbai.

"Indiabulls officers filed a complaint to the police against the malafide Veritas report along with email evidence where Neeraj Monga has demanded money through his personal email and that if monies (sic) are given in time then he would hold back the report," Indiabulls Real Estate said in a statement to the BSE.

Indiabulls also alleged that a 'select group of people' was given the report a day earlier, implying they could take a call on the fall in share price of Indiabulls.

On Thursday, Indiabulls Real Estate closed at Rs. 54.9, up 0.8%, while Indiabulls Power closed at Rs. 12.7, down by 2.4% and Indiabulls Financial Services closed at Rs. 211.5, up 0.8%.