ET NEWS

"Why are companies outside India so concerned about how we conduct our affairs?" the Supreme Court asked on Friday as it dismissed a PIL seeking a probe into allegations by a US-based short-seller against Vedanta group firms. A bench of Justices P S Narasimha and A S Chandurkar dismissed the PIL filed by a lawyer called Shakti Bhatia as withdrawn after senior advocate Gopal Sankaranarayanan said he will be withdrawing the petition. "Why are these companies outside India so concerned about how we conduct our affairs and under what law?" the bench asked after Solicitor General Tushar Mehta, appearing for the Centre, Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) said Viceroy Research LLC was a short-seller and the petitioner is just a "name-lender". Mehta pointed to an email written to SEBI chairperson and other authorities by Viceroy just after the petition was filed in the apex court and said these institutions have absolutely "no credibility". "There is a systematic pattern where outside agencies create reports and influence the Indian stock market," he said.Sankaranarayanan submitted that the relief sought in the petition is very narrow and only seeks that SEBI and RBI investigate the allegations and take necessary action. Sankaranarayanan also said he does not endorse the allegations levelled by the Viceroy nor the methodology adopted by the petitioner but wants to allay concerns, and the SEBI can very well investigate the irregularities pointed out and take lawful action. The bench said if it issues notice and seeks their counter affidavit, it will dismiss the petition with a huge cost. Sankaranarayanan said this petition does not call for such sweeping reliefs, unlike the Adani-Hindenburg litigation where the apex court had constituted an expert panel. Mehta questioned the maintainability of the petition and pointed to the modus operandi of foreign short-sellers. He said such firms seek to destabilise Indian companies and markets by releasing reports and then amplifying their effect through litigation. "The highest court of the land cannot be taken for a joyride. Let this petition be dismissed to send a strong message," Mehta submitted. The bench said since the petitioner is seeking to withdraw his PIL, the court would not like to go further into it. Earlier, two judges-- Justices Sanjay Kumar and K Vinod Chandran of the apex court -- had recused themselves from hearing the matter. Viceroy Research LLC is an investigative financial research group registered in Delaware, US, and recently made certain allegations of financial irregularities against Vedanta Limited, Vedanta Resources Limited, Hindustan Zinc Limited and related entities. The petitioner Shakti Bhatia, a lawyer by profession has moved the apex court claiming that he has independently corroborated portions of the Viceroy's allegations and sought probe by regulatory agencies like SEBI and the RBI.

Kitchen appliance company TTK Prestige on Friday announced the passing of its Chairman Emeritus, T T Jagannathan, a key member of the promoter group, who died on October 9, 2025.In its exchange filing, the company said, “We regret to inform you that the Company was intimated today about the sudden demise of Mr. T T Jagannathan - Chairman Emeritus, belonging to the Promoter and Promoter Group of the Company, on October 09, 2025.”Describing the development as a significant loss, the company added, “His sudden and unexpected passing away will be an irreparable loss to the Company and all the Directors and employees of the Company convey deep sorrow and condolences to his family.”According to the disclosure, Jagannathan held 42,41,868 equity shares in his personal capacity, representing 3.10% of TTK Prestige’s total shareholding. In addition, he was a partner with a 3% share in M/s T T Krishnamachari & Co., which holds 8,27,67,238 equity shares, accounting for 60.44% of the company.Following his demise, TTK Prestige said that he would “cease to be a part of the Promoter and Promoter Group of the company in accordance with Regulation 31A (6)(c) of the SEBI LODR Regulations, 2015.” The company added that the transmission of his shareholding to his nominees “shall be processed” and that “shareholding will be shown in his name till the conclusion of transmission.”T T Jagannathan, a veteran industrialist, played a pivotal role in shaping TTK Prestige into one of India’s leading kitchen and home appliance brands. His leadership spanned several decades, during which the company expanded its product portfolio and strengthened its presence across domestic and international markets.