IndiaBulls Group is BILKING INDIA say Veritas ! ~ There’s more than Meets the Eyes on both sides !
Was prompted by an editor of a leading Media Financial Publication for my views on the controversial research reports generated by Veritas,Canada on Listed Indian Companies
Veritas is a Bear on IndiaBulls
Veritas,Canada released a Damning Research Report dated August 1,2012 on the IndiaBulls Group controversially titled BILKING INDIA ! ~ specifically covering three Companies IndiaBulls Real Estate at Rs 55.85,IndiaBulls Power at Rs 12.80 and IndiaBulls Financial Services at Rs 227.30
BILKING is a strong word ~ Obtain or withold Money by deceit or without justification,cheat or defraud ~ obtain money fradulently
This is My Immediate Take on The Veritas Research Report Controversy on the Indiabulls Group
On Veritas Motives
- Why do they come up with only Sell Reports ? ~ and that too just a hand full of companies have been covered in the past year ! ~ Are these Reports generated to create Big Bonanza through F & O Short Selling Quickies ~Yes,Veritas and Mr Neeraj Monga ! Why are there no Buy Reports !? ~ Nothing Worth Buying in India !? or you want Clients to make Monies only by Selling Off or Short Selling or Saving them from making the Investment! ?
- In my view this is unfair and unethical especially to other Clients already on the rolls ~ by agreeing to delay the IndiaBulls Report by one day just to tempt Altima,London to sign on for US $ 50000 a year for Research Reports generated by you so that they can act on the Report before it is issued for wider viewership ~ a question that follows is this ~ if these reports are a paid service then what does Mr Monga mean that he will delay the issue of the Report by one day !? what is he implying ? will he be issuing or leaking the report free ! to a wide audience who are not paying clients? ~ wonder if this borders on insider Trading !
On IndiaBulls Strong Reaction
- In initiating Criminal action,IndiaBulls is sending out a Strong Threatening & Menacing Message ~ “Don’t Mess with Us!” ~ perhaps only IndiaBulls can do the Messing around !
Neeraj Monga and Nitin Mangal,the Veritas analysts who have damned the IndiaBulls Group are seen as fearless crusaders by many as also foolish by some and with vested interests by quite a few~ their Motives are under the microscope in writing such a Damning Report ~ Veritas charges Signing up Clients an Annual Fee of US $ 50000 to receive such Reports ~ So Far these guys have damned the Reliance Group especially Reliance Industries and Reliance Communications,DLF and KingFisher ~ Their latest target has been the IndiaBulls Group
If you follow my blog you will not have to pay a single Dollar ! ~I’ve exposed quite a few Companies,including KingFisher Airlines ~ use the Search Engine to locate such posts
Check the tagline of my blog ” In India,Companies may fall sick but promoters rarely do!”
When I wrote for leading Stock Publications in the past,for the benefit of Lakhs of Investors I have often exposed traunt listed companies and their unethical and fradulent and manipulative operating and accounting practices~ Of course I’ve been threatened to be sued often until evidence is shown to the Companies and they back off ! ~ Scales and Stakes were in lakhs or a few Crores then unlike now where we are seeing hundreds and thousands of crores of rupees being raised in dubious ways and spend dubiously too ~ This Role of playing Watchdog is the Responsibility of the Regulators and the Exchanges ~ Let’s just say that only of late have they been bit by Conscience ! ~ otherwise only the small fry was fried ! ~ also the blatant and shameless rape of Investors by unscrupulous promoters and their network often has strong political patronage ~ and is supported by some in the mainstream media,broking and banking world
Let me make it Clear though ! ~ I am not a Share Activist ! neither am I associated with any such Activism ! ~ the reason being the prime objective of any analysis I do of Companies in our Capital markets is to see if they merit Investment ~ my job is to make Monies for my Clients by investing in Winners and staying away from Losers or Controversial and Manipulated Companies ~ It’s nothing personal ~ I do not defame Companies ~ don’t really have to as many Promoters effect this Role well themselves !
But What I do do ! is caution readers of my blog on certain companies that I feel may strangle them ! ~ Karuturi Global @ 25 (now 4 ! and was touted by many as a multibagger on big stock channels as Company gave ads on these channels ) or Cranes Software @ 25 (god knows what it’s now)
What these Veritas Analysts are doing is nothing new ~They are Analysing and Interpreting Financial Statements and Disclosures questioning Controversial & Vulnerable Big Companies Motives and Gameplan in their Operations,especially in Corporate Restructuring Exercises that involve Valuations and Raising of Finance and the myraid structure of related entities involved that benefits from Inflated valuations that are even certified by renowned auditing firms ! ~ remember the infamous Maytas and Satyam Real Estate Valuation Report of Rs 6000+ crs by a Big Four Auditing Firm that was prepared in just one day to facilitate the merger of Maytas into Satyam to fill the hole of an equivalent amount !!! Check my many blogs on this in the category of ‘Satyam ~ The sordid Asatyam Saga’
Veritas Analysts are Tearing Up the way certain Revenues,Expenses,Assets and Liabilities are presented in the Financial Statements or simply not disclosed properly to reach conclusions that the Company is weaker or not as strong as the Statements Portrays