Overview

• Justices P.S. Narasimha and A.S. Chandurkar said they were not inclined to entertain the plea and permitted petitioner Shakti Bhatia to withdraw it.
• Solicitor General Tushar Mehta opposed the petition as not bona fide, alleging a pattern of foreign short-sellers trying to sway Indian markets, and the court cautioned that issuing notice could attract costs.
• The bench questioned why entities outside India were weighing in on domestic corporate affairs in the absence of a clear legal basis.
• The PIL had sought investigations by SEBI, RBI and the Ministry of Corporate Affairs into Vedanta Limited, Hindustan Zinc and Vedanta Resources based on Viceroy Research’s July 9 report alleging financial irregularities.
• The petition said complaints were filed with SEBI and RBI without public response, no court-ordered probe was directed, and two other Supreme Court judges had earlier recused from the matter.