The session court has rejected the bail application of Nitin Mangal, co-author of a research report by Veritas, which questioned the corporate governance practices of Indiabulls group.
On the back of this report, Indiabulls lodged a complaint with the police, following which an FIR was filed against Veritas and the authors of the report — Neeraj Monga and Nitin Mangal. Indiabulls had alleged the analysts of extortion, distortion of facts and presenting erroneous data.
A statement from Indiabulls group quoting the Government pleader said:
“Veritas analysts have been evading investigation process and have not responded to any question posed by the investigating team despite repeated reminders of police.”