Former chief justice of India Chandrachud says Viceroy report on Vedanta Group lacks credibility
New Delhi (PTI): US short seller Viceroy Research's report on the Vedanta Group "lacks credibility" and the firm would be well-placed to seek legal remedies, former chief justice of India D Y Chandrachud has said.
Justice Chandrachud's remark came after Vedanta sought an independent legal opinion from the former chief justice in relation to the allegations made in the Viceroy Research report, the company said in a regulatory filing on Friday.
According to the filing, the former CJI has opined that "Viceroy has a track record of taking short positions in listed companies and then publishing misleading reports to profit unlawfully from the resulting market impact".
The Viceroy Research's report on the company contains serious allegations, causing harm to the Vedanta Group's business and reputation, Justice Chandrachud said.
"The report contains serious imputations such as "ponzi scheme" and "parasite", which have caused harm to querist's (Vedanta's) business and reputation," he said, adding, "in these circumstances, the querist would be well-placed to seek legal remedies."
The US short seller in its July 9 report had called billionaire Anil Agarwal-led British firm Vedanta Resources a "parasite" that is "systematically draining" its Indian unit, an allegation which the group called as "selective misinformation and baseless" aimed at discrediting the firm.
Viceroy Research took a short position against the debt of Vedanta Resources, the UK-based parent of Indian miner Vedanta Ltd, alleging that the group "is a house of cards built on a foundation of unsustainable debt, looted assets, and accounting fiction".
Vedanta had responded, saying the report was "a malicious combination of selective misinformation and baseless allegations" and that its authors issued it without contacting the group.
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Miscreants decamp with 70 kg silver articles from jewellery shop in Bengaluru
Bengaluru (PTI): Unidentified miscreants allegedly broke into a jewellery shop here and decamped with approximately 70 kg of silver articles worth crores of rupees, police said on Friday.
The incident was reported at a jewellery shop near 8th Mile, Havanur, on April 28, they said.
According to police, the accused are suspected to have entered the premises from the rear after breaking open the lock and drilling a hole through the wall of the shop.
The incident came to light at around 7 am on April 28 when shop staff opened the premises and discovered signs of forced entry and extensive damage to the rear section of the building, following which they alerted police authorities.
Preliminary estimates indicate that around 70 kg of silver articles, worth crores, were stolen. Most of the silver items displayed in the cupboards were taken, while valuables kept in the locker remained intact, a senior police officer said.
Police said CCTV cameras inside the shop were not functioning. Efforts are underway to identify the suspects using footage from cameras installed in the vicinity.
The miscreants also allegedly took away the Digital Video Recorder (of CCTV) of an adjacent shop, the officer added.
Investigators are also examining the tools and techniques used to gain access to the shop, suspecting the involvement of a professional gang with prior knowledge of the store layout.
A case has been registered at Bagalagunte Police Station, and further investigation is underway to identify and apprehend the accused, police said.
