'Report lacks credibility...': D Y Chandrachud on Viceroy's Vedanta claims
Former Chief Justice of India D Y Chandrachud has pushed back against Viceroy Research's July report on Vedanta Group, calling it "lacks credibility."
He pointed out that Viceroy has a history of publishing negative reports for profit and said their latest claims—labeling Vedanta a "house of cards" and a "ponzi scheme"—don't hold up.
'No adverse findings have been made...'
Chandrachud emphasized that Vedanta operates under strict regulations and, so far, no regulator or credit agency has found anything wrong.
In his words, "no adverse findings have been made by any regulator or credit agency against the company."
'Company has right to seek legal remedies...'
He also believes Vedanta is justified in seeking legal action, describing the report as defamatory and published with intent to harm.
As he put it: "The company has a right to seek legal remedies against such defamatory statements."
Viceroy's claims and Vedanta's rebuttal
Viceroy accused Anil Agarwal-led Vedanta of piling up unsustainable debt and moving money out of its Indian unit.
But independent agencies like Crisil and ICRA have backed up Vedanta's financial health, especially after recent improvements.
The company dismissed Viceroy's claims as misleading and said they were made without even reaching out first.