Religare Enterprises files defamation suit against InGovern Research Services

economictimes.indiatimes.com:

Religare Enterprises has filed a defamation suit against shareholder advisory firm InGovern Research Services for publishing reports on the company without allegedly verifying facts and for not reaching out to its leadership for response. This is a rare case of a firm dragging a local shareholder advisory firm to court over its reports. InGovern confirmed receiving notices from Religare and said it has responded to them through its lawyers.

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Religare alleged that InGovern, founded by Shriram Subramanian, had published a defamatory report on its website without any verification and without studying information available in the public domain.

«What is even more astonishing is that InGovern did not even bother to reach out to Religare for feedback or to have an understanding of the correct facts, which would have ensured that the report projected a true and balanced picture,» said Religare Enterprises chairperson Rashmi Saluja.

«Such unilateral actions make it certain that the intention was to cause concern among Religare's investors and stakeholders, so as to prejudice the share price, weaken morale both within and outside and take the attention away from the wrongdoing attributed to the acquirers (Burmans),» she said.