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New Delhi, Jul 19 (PTI) US quick vendor Viceroy Analysis’s report on the Vedanta Group “lacks credibility” and the agency can be well-placed to hunt authorized treatments, former chief justice of India D Y Chandrachud has mentioned.
Justice Chandrachud’s comment got here after Vedanta sought an unbiased authorized opinion from the previous chief justice in relation to the allegations made within the Viceroy Analysis report, the corporate mentioned in a regulatory submitting on Friday.
In keeping with the submitting, the previous CJI has opined that “Viceroy has a monitor file of taking quick positions in listed corporations after which publishing deceptive stories to revenue unlawfully from the ensuing market affect”.
The Viceroy Analysis’s report on the corporate incorporates critical allegations, inflicting hurt to the Vedanta Group’s enterprise and repute, Justice Chandrachud mentioned.
“The report incorporates critical imputations equivalent to “ponzi scheme” and “parasite”, which have brought on hurt to querist’s (Vedanta’s) enterprise and repute,” he mentioned, including, “in these circumstances, the querist can be well-placed to hunt authorized treatments.”
The US quick vendor in its July 9 report had referred to as billionaire Anil Agarwal-led British agency Vedanta Assets a “parasite” that’s “systematically draining” its Indian unit, an allegation which the group referred to as as “selective misinformation and baseless” aimed toward discrediting the agency.
Viceroy Analysis took a brief place in opposition to the debt of Vedanta Assets, the UK-based mother or father of Indian miner Vedanta Ltd, alleging that the group “is a home of playing cards constructed on a basis of unsustainable debt, looted belongings, and accounting fiction”.
Vedanta had responded, saying the report was “a malicious mixture of selective misinformation and baseless allegations” and that its authors issued it with out contacting the group.
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