PIL in Supreme Court Seeks Probe into Vedanta, Hindustan Zinc over Fraud and Regulatory Breach Allegations

A PIL has been filed in the Supreme Court seeking a probe into allegations in US short-seller Viceroy Research’s July 9 report, “Vedanta – Limited Resources,” which accuses Vedanta Ltd, Hindustan Zinc Ltd, and related entities of fraud, financial manipulation, and regulatory breaches.

Petitioner-advocate Shakti Bhatia has named the Union, SEBI, RBI, and MCA, citing undisclosed related-party transactions, siphoning of funds, misuse of dividends, and failure to disclose material events. 

The petition urges investigation under the Companies Act and SEBI regulations, warning of potential harm to minority shareholders if authorities fail to act. 

[Shakti Bhatia v UOI]