Indian authorities turn up heat on Canadian analysts

By Melissa Shin | August 14, 2012 | Last updated on December 5, 2023
2 min read

Indian police have summoned Canadian research firm Veritas Investment Research Corp. and its analysts to appear in India on August 27.

Real-estate and power group Indiabulls alleges in a statement that Veritas and analysts Neeraj Monga and Nitin Mangal published “gross incorrect data” about its company. Further, it alleges Monga demanded money through his personal email in exchange for holding back the report.

When reached by, Monga denied Indiabulls’ claims.

Read: Indian firm accuses researchers of extortion

Indiabulls intends to press criminal charges.

“Indiabulls has chosen to pursue the people behind these cognizable offences so that the offenders are punished and no other Indian company is subject to this type of tactics in future. Police authorities have issued notice/summons to the accused persons for personal appearance on August 27, 2012,” Indiabulls said in a public notice.

The notice also responds to 15 allegations made by Veritas.

It’s unlikely Monga, who’s based in Toronto, will be extradited, as such measures apply to serious crimes.

In an interview with the Hindu Business Line, Monga points out one possible error, which “relates to equity ownership dilution at the time of the Indiabulls Infrastructure Development and Indiabulls Power merger.” But he calls IndiaBulls’s other claims “the company’s opinion.”

As for allegations that Veritas is helping short sellers, Monga told Indian newspaper Business Standard, “We are not part of any cartel. […] Sitting in Canada we don’t know how clients are trading. And if my reports move Indian markets, then it simply means that I am the best analyst on those Indian stocks worldwide.”

Read: Shorting bans don’t work

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Melissa Shin

Melissa is the editorial director of and leads Newcom Media Inc.’s group of financial publications. She has been with the team since 2011 and been recognized by PMAC and CFA Society Toronto for her reporting. Reach her at You may also call or text 416-847-8038 to provide a confidential tip.