Mumbai: US-based short-seller Viceroy Research has disputed former Chief Justice of India D.Y. Chandrachud’s legal opinion on its allegations of financial misconduct and misrepresentation against Vedanta Group.Viceroy argued that Chandrachud’s legal opinion did not answer questions raised by it with regards to dividend payments and alleged financial mismanagement at the mining and minerals conglomerate.Justice Chandrachud’s opinion “fails to refute, investigate, or even engage with a single substantive financial allegation in our reports,” the short-seller said in a report on Monday, 21 July, its eighth note on Vedanta in 13 days.Vedanta has consistently denied Viceroy’s allegations, terming the accusations baseless.Justice Chandrachud in his legal opinion to Vedanta, which was made public on Friday, said Viceroy’s first report on billionaire Anil Agarwal’s group, published on 9 July, lacked credibility, and the researchers behind the report had “dubious credentials”. He said he relied on information shared by Vedanta to arrive at this opinion since Viceroy’s website had no information in this regard.The former Chief Justice also highlighted Viceroy’s interest in profiteering from a possible rout in Vedanta Resources’ commercial papers as a result of the short-seller’s reports. He also said he suspected the timing of the report, coming just as India-listed Vedanta Ltd is headed for a demerger.In April, Viceroy Research took a short position on the bonds of Vedanta Resources Ltd, the London-based unlisted holding company of the Vedanta Group, according to Fraser Perring, founder of Viceroy Research, who didn’t disclose the quantum of his firm’s exposure.Also Read | Five big concerns flagged by Viceroy Research in its 87-page report on VedantaViceroy argued that Chandrachud’s legal opinion relied entirely on “management representations without questioning”, the short-seller said, adding that the opinion failed to dispute any of its findings, conclusions, or concerns.“When faced with serious allegations backed by detailed financial evidence, the company responded not with transparency, but with a character assassination attempt dressed in legal language,” the short-seller said in its latest report.Viceroy also claimed Vedanta had to pay for a legal opinion to defend its parent company against claims of stealing money or misusing the subsidiary’s funds. Vedanta Resources holds a majority stake in India-listed Vedanta Ltd through several intermediaries. Hindustan Zinc Ltd is a subsidiary of Vedanta Ltd.Justice Chandrachud declined to comment on the matter. He explained that his role was professional in nature and the opinion given was protected by professional privilege.“It is inappropriate to discuss anything pertaining to it in the public realm,” he said.Vedanta Group did not immediately reply to Mint’s emailed queries on Viceroy’s rebuttal.Also Read | ‘Vedanta has so many red flags, it will take peo in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. Block any jump outside of the site adarshnews.com. 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The Viceroy has countered the legal opinion provided by former Chief Justice D.Y. Chandrachud regarding its report on Vedanta.
