Supreme Court Dismisses PIL on Vedanta Probe Involving US Short-Seller Allegations

The Supreme Court dismissed a Public Interest Litigation (PIL) seeking a probe into allegations by a US-based short-seller against Vedanta group firms. The petition, filed by lawyer Shakti Bhatia, was withdrawn after acknowledging the limited relief sought, and concerns were raised about foreign short-sellers' influence on Indian markets.

The Supreme Court on Friday dismissed a Public Interest Litigation (PIL) seeking an investigation into allegations made by US-based short-seller Viceroy Research LLC against Vedanta group firms. The PIL was withdrawn after lawyer Shakti Bhatia, who filed the petition, agreed to retract it.

During the hearing, the bench, consisting of Justices P S Narasimha and A S Chandurkar, questioned the interest of international entities in India's internal affairs. They noted that the petitioner appeared to be a 'name-lender,' and the allegations aimed to destabilize Indian markets.

Solicitor General Tushar Mehta argued that foreign agencies like Viceroy create reports to influence the Indian stock market and emphasized that the Apex Court should not entertain such petitions frivolously. Consequently, the bench decided not to proceed further with the case.

(With inputs from agencies.)