The High Court of\u00a0Bombay\u00a0has continued till tomorrow ‘protection from arrest’ granted to an analyst, who has sought anticipatory bail following a complaint lodged by Indiabulls Financial Services that he and his firm tried to extort money for holding back an adverse report.<\/p>\n
The applicant Nitin Mangal has been asked by Justice R C Chavan to appear before Cyber Crime Branch of Mumbai police who are investigating the case and answer its queries.<\/p>\n
According to Indiabulls, due to an adverse research report by the company for which Mangal was working, Indiabulls share price dropped on August 8 last year. Further, it says, it had been asked to shell out USD 40,000, if the reports were to be withheld from publication for a day.<\/p>\n
However, Mangal contends in his anticipatory bail plea that the drop in the share price was due to shortcomings in the accounts and corporate governance practises of Indiabulls.<\/p>\n
His lawyer Amit Dube submitted that Mangal was just a co-author of the report written by Niraj Monga. Both worked for Canada-based Veritas Investment Research Corporation, which makes its reports available only to its subscribers.<\/p>\n
“If the company was in the business of research and making reports, it is enigmatic that the company was ready to hold the report for a prospective subscriber who was expected to cough up USD 40,000 as subscription,” the Court observed posting Mangal’s bail plea for order for tomorrow.<\/p>\n","protected":false},"excerpt":{"rendered":"
The High Court of\u00a0Bombay\u00a0has continued till tomorrow ‘protection from arrest’ granted to an analyst, who has sought anticipatory bail following a complaint lodged by Indiabulls Financial Services that he and his firm tried to extort money for holding back an adverse report. The applicant Nitin Mangal has been asked by Justice R C Chavan to […]<\/p>\n","protected":false},"author":21,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[84],"tags":[10011,21121,21122,21120,18119,21123,21119,7438,9357,21124,21118,21125,21126],"class_list":["post-26644","post","type-post","status-publish","format-standard","hentry","category-criminal-law-news","tag-anticipatory-bail","tag-cyber-crime-branch","tag-cyber-crime-branch-of-mumbai-police","tag-extort-money","tag-high-court-of-bombay","tag-indiabulls","tag-indiabulls-financial-services","tag-justice-r-c-chavan","tag-mumbai-police","tag-nitin-mangal","tag-protection-from-arrest","tag-usd-40000","tag-veritas-investment-research-corporation"],"yoast_head":"\n