The Veritas report was released on June 8 but was widely circulated on Tuesday triggering panic among investors. It said RCom is scaling back its capital expenditures , which will be detrimental to its future. Given significant exposure to unhedged foreign currency denominated loans, we find the risk management of the company sub-optimal. The write-off Rs crore in , which was advanced to a supplier, suggests either incompetence or chicanery," the report said. An RCom spokesperson said: "The Veritas report lacks credibility and is malafide in intent.

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LinkedIn Indian police said they arrested stock analyst Nitin Mangal on charges of extortion and forgery related to a report he wrote for Veritas Investment Research Corp. In a report published by Toronto-based Veritas on Aug. A week later, Indiabulls said in a statement that it would press criminal charges against the authors for publishing incorrect information. Indiabulls has also pressed charges of extortion, intimidation, forgery and criminal conspiracy against Monga and Veritas, Dube said.

John Archibald, a lawyer representing Veritas and Monga in Toronto, declined to comment in an e-mail Thursday, citing the separate legal action by Veritas and Monga against Indiabulls in Ontario. Monga, who is based in Toronto, no longer works at Veritas. Counter-Suit Indiabulls said in an e-mailed statement Thursday that it had filed a counter-suit in New Delhi and that Veritas and Monga failed to appear before that court despite having had notices to do so served upon them.

The carrier, founded by Vijay Mallya, stopped flights the following year after losses widened amid mounting debt. The Bombay and National stock exchanges on Nov. Sanjey Roy, spokesman at the New Delhi-based company, declined to comment. In June , they advised investors to sell shares of Reliance Communications Ltd. The stock has gained 64 percent since the recommendation.

Indiabulls Group has a networth of


The Cable Guy

The Bull Buster Age 40 Place of Birth Udaipur Work Executive vice-president and head of research at Toronto-based forensic accounting firm, Veritas, whose candid reports on prominent Indian firms are making headlines. Hobbies Monga enjoys cooking, especially experimenting with recipes. Has most recently read the biography of Steve Jobs. Loves travelling to sunnier climes.


Veritas calls IndiaBulls piggybank for insiders

Tauzshura However, unlike its well-performing office portfolio, it is the residential business that DLF needed to re-evaluate given that its core market, the National Capital Region NCR centred on Delhi, has been the worst hit by the slowdown. Login to add to list. Gale University of New England. Be that as it may, the next few quarters are likely to see asset transfers and monetization in DLF and its joint venture reshape the balance sheet. Exchange rate is average for reported five years. This will alert our moderators to take action.



In a second email, Indiabulls also refuted some of the specific issues raised by Veritas, citing filings to stock exchanges, financial statements and annual reports. According to Indiabulls, the Gurgaon police has registered a first information report FIR against Veritas on a complaint by Indiabulls. Indiabulls started life in as a brokerage firm. Indiabulls Financial Services Ltdcame a few years later.


Veritas downgrades Anil Ambani's Reliance Communications over accounting, governance

According to the latest report by Veritas, the stock should be valued at Rs per share. However, this report in question is presumptive and mischievous as the analysts have never contacted the company to seek any information or clarification. The company adheres to the highest standards of corporate governance and financial integrity, and the audited financials of the company are always in the public domain. It also points out that after the mega IPO of the realtor in at an issue price of Rs per share, the company has seen its share price declining 57 per cent, compared to an approximate gain of 29 per cent in the stock benchmark market index Sensex in the same period.

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