Supreme Court dismisses PIL for probe into Viceroy’s allegations against Vedanta Group cos

The Supreme Court on Friday dismissed a Public Interest Litigation (PIL) seeking a probe into allegations made by US-based short-seller Viceroy Research LLC against Vedanta group companies, questioning the motives of foreign entities commenting on India’s corporate affairs.

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A bench of Justices P $ Narasimha and A $ Chandurkar made the observation while hearing the petition filed by lawyer Shakti Bhatia. ‘The petition was withdrawn after senior advocate Gopal Sankaranarayanan, representing Bhatia, informed the court that his client would not pursue it further.

“Why are companies outside India so concerned about how we conduct our affairs and under what law?” the bench remarked, after Solicitor General Tushar Mehta, appearing for the Centre, the SEBI, and the RBI, argued that Viceroy Research is a short-seller with vested interests.