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News Topical, Digital Desk : The Supreme Court on Friday brought good news for Vedanta. The Supreme Court declined to hear a public interest litigation (PIL) filed by American short-seller Viceroy Research LLC seeking an investigation into serious allegations leveled against Vedanta Limited, Hindustan Zinc Limited, Vedanta Resources Limited, and related entities.
A bench of Justices P.S. Narasimha and A.S. Chandurkar decided not to proceed with the matter, following which petitioner Shakti Bhatia withdrew the petition.
Senior advocate Gopal Sankaranarayanan, representing the petitioner, informed the court that the relief sought in the petition was limited. He stated that the petition only sought directions to the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) to act on the complaints already filed and fulfill their legal obligations. He also stated that this case did not seek presumption of guilt or expert committee oversight, as in the Adani-Hindenburg filing. Rather, the petitioner claimed that the relevant regulators had been informed of potential violations, but no concrete action had been taken. Gopal informed the court that Viceroy Research had sent detailed complaint letters to SEBI and RBI. The petitioner had also independently verified certain issues by reviewing MCA21 filings and public disclosures. He clarified that the petitioner is not supporting the Viceroy's decisions or seeking to blame Vedanta, but merely wants the regulator to discharge its duties and investigate the serious allegations and take appropriate action. Thus, the Supreme Court has declined to order an investigation into this high-profile case at this time.
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