Latest news with #D.Y.Chandrachud
Mint
23-07-2025
- Business
- Mint
Vedanta Group promoters siphoning profits via exclusive HZL supply deal: Viceroy
American short-seller Viceroy Research on Wednesday said that the promoters of the Vedanta Group were 'siphoning margins' from listed group company Hindustan Zinc Ltd (HZL) by supplying commodity goods to it at inflated prices on an exclusive basis. It alleged that Minova Runaya Pvt. Ltd (MRPL), a 49% promoter-owned entity, has an exclusive contract with HZL for the supply of products including resin capsules, rock bolting systems and wire mesh. Used in mining, these products are typically commoditized and low-margin, but MRPL was selling them at a 30% mark-up to HZL, the short-seller alleged, adding the company does little manufacturing itself. HZL was MRPL's only customer, Viceroy added. 'This company (MRPL) has only one purpose, to buy commoditized products, slap a 30% markup on them, and then sell them to a captured HZL,' the short-seller said in its note, adding that there was 'more to come.' Between FY21 and FY24, Minova Runaya made an aggregate revenue of ₹ 553 crore with a profit of ₹ 92 crore, the short-seller disclosed citing the company's regulatory filings. Vedanta has denied all allegations. 'The said short sellers have consistently shared extremely ill-informed 'reports' with misleading information,' a Hindustan Zinc spokesperson said. The latest allegations disregard the 'stringent' governance protocols followed by Hindustan Zinc, the spokesperson said. Earlier, former Chief Justice of India D.Y. Chandrachud said in a legal opinion to Vedanta that Viceroy's report lacked credibility and is based on dubious credentials. He further said the report contains serious, reputationally damaging allegations. Shares of Vedanta and HZL had fallen following the publication of Viceroy's first report on 9 July, but have since recovered and not reacted to its subsequent eight reports. Hindustan Zinc's shares gained 0.82% to close at ₹ 446.9 on the BSE on Wednesday. Vedanta Ltd's shares settled 1.12% higher at ₹ 455.6. The benchmark Sensex closed 0.66% higher. Viceroy Research has a short position of undisclosed size on the debt of London-based group holding company Vedanta Resources. While the Vedanta Group holds a 49% stake in MRPL, the remaining 51% stake in the company is held by Minova Minetek, which is a Hyderabad-based manufacturer of mining, quarrying and construction equipment, as per private company data platform Tracxn. 'MRPL has a long-term sales contract with HZL, which provides it with strong revenue visibility,' Crisil Ratings noted in November 2024, when it rated HZL's long-term debt as A- with a stable outlook. 'As per the contract, HZL must procure its entire ground support product requirement from MRPL. This ensures healthy utilisation for the manufacturing capacities of MRPL,' the rating agency had noted. MRPL was onboarded by Hindustan Zinc as a reliable supplier for ground support after undergoing due screening processes and approvals from the Audit Committee and Board, as per the company spokesperson. The company has developed solutions that meet the unique specifications and standards of Hindustan Zinc's underground mines, they said. Transactions with MRPL were supported by benchmarking by independent firms, they said. Regarding the lack of MRPL's manufacturing capabilities, Viceroy noted that the company's accounts acknowledge that it manufactured nothing until at least FY24. "Even then, the only product it manufactured was wire mesh, a product so simple and cheap that a fully automated line can be set up for under ₹ 1 crore,' the short-seller said. Viceroy also pointed to some discrepancies in the financial statements of MRPL. For instance, income from HZL accounted for 114% of MRPL's revenue in FY24. The same year, MRPL declared ₹ 216 crore of tangible asset sales while only carrying ₹ 66 crore of tangible assets on its balance sheet. These discrepancies were persistently observed in preceding years too.
Time of India
23-07-2025
- Business
- Time of India
Woman seeks INR 12 Cr alimony, BMW, luxury flat after 18-month marriage: SC says, "You're educated, earn yourself
In a strong and thought-provoking observation, the Supreme Court of India recently emphasized that financially qualified women should aim to be self-reliant rather than seeking large sums in interim maintenance from their spouses—especially when the marriage was short-lived. The statement came during the hearing of a high-profile alimony case. The woman involved, an IT professional with an MBA degree, had sought an expensive apartment in Mumbai, ₹12 crore as maintenance, and even a luxury BMW car—after just 18 months of marriage. Her demands raised eyebrows in the courtroom. Chief Justice of India (CJI) D.Y. Chandrachud—while addressing her plea—highlighted her educational and professional background, pointing out that someone with her qualifications was more than capable of earning a living. "You're an IT person. You've done your MBA. You're in demand in cities like Bengaluru and Hyderabad... Why don't you work?" he asked during the proceedings, as reported by NDTV. The CJI also commented on the property she demanded, and further said, 'But that house is in Kalpataru, one of the top builders. You also want a BMW after 18 months of marriage?' He questioned whether it was fair to expect such a high standard of living without making an effort to be financially independent. In response, the woman said that her husband is wealthy and had filed for annulment, citing mental health grounds, including schizophrenia. But the bench was clear, 'Either you get a flat free of all encumbrances, or nothing,' said the CJI, reiterating that a highly educated person choosing not to work of her own volition cannot expect endless support. Similar incidents in the past This isn't the first time Indian courts have taken a stand on the issue. In March 2025, the Delhi High Court stated that Section 125 of the Criminal Procedure Code (CrPC)— which deals with maintenance— is meant to provide protection, not to reward unwillingness to work. The court added, 'A well-educated wife with the ability and past work experience should not remain idle solely to claim maintenance.' Similarly, in another landmark judgment in December 2024, the Supreme Court ruled that a wife cannot demand alimony simply to match the husband's wealth after divorce. The bench clearly said that a husband cannot be expected to maintain his ex-wife as per his improved financial status for life. The message from India's top courts is clear: Maintenance laws exist to support those who genuinely need it— not to enable luxury lifestyles when one is capable of self-sufficiency. In today's evolving world, education and professional skills are empowerment tools—and the courts are encouraging women to use them. Answer these 11 questions before marrying someone
Business Upturn
18-07-2025
- Business
- Business Upturn
Vedanta releases legal opinion from former CJI Chandrachud countering Viceroy Research allegations
By News Desk Published on July 18, 2025, 23:13 IST Vedanta Ltd has made public a legal opinion from former Chief Justice of India, Justice D.Y. Chandrachud, in response to allegations raised in a report by Viceroy Research. The company disclosed the development to the stock exchanges on Thursday evening as part of its regulatory obligations. The legal opinion—sought independently by the company—addresses the claims made in the Viceroy report, which had questioned corporate governance practices at Vedanta and its group entities. According to the company, the legal opinion 'effectively rebuts the allegations' and provides clarity on the legal and governance standing of the group. In its filing, Vedanta stated: 'In compliance with Regulation 30 of the SEBI LODR Regulations, we wish to inform you that the Company has received an independent legal opinion from Hon'ble Mr. Justice D.Y. Chandrachud, Former Chief Justice of India, regarding the allegations made in the Viceroy Research report.' The company further added that the legal opinion will be made available on its official website for public access, underscoring its commitment to transparency and corporate governance. Read the full legal opinion here: This is the latest step by Vedanta to counteract concerns raised by external parties and comes amid heightened scrutiny of large conglomerates operating under complex holding structures. Ahmedabad Plane Crash News desk at
The Hindu
12-07-2025
- Politics
- The Hindu
The Hindu Morning Digest: July 12, 2025
Air India Ahmedabad plane crash: Both engines shut down on AI 171 flight shortly after take off, says AAIB Preliminary report Both engines of Air India's Boeing 787-8 aircraft involved in a crash last month shut down shortly after take off according to the Air Accident Investigation Bureau's (AAIB) preliminary report into the June 12 air crash that killed at least 260, including 12 crew members. Seconds after the Air India aircraft took off from Ahmedabad for Gatwick on June 12, the fuel cut off switches of both the engines 'transitioned from RUN to CUTOFF position one after another with a time gap of 01 sec,' says the report. This occurred 65 seconds after the aircraft started rolling for take off from the runway. Cuddalore train accident: Gate was open when the school van crossed the track In a significant breakthrough in the Cuddalore school van-train accident in which three children were killed, investigators have found clinching evidence to prove that the manned level crossing gate at Semmankuppam was open at the time of the collision. The gatekeeper had left the gate (LC-170) open. As a result, the speeding passenger train rammed the van, killing three students and injuring two others, police sources said on Friday (July 11, 2025). Bihar Special Intensive Revision: Over 74% electors submit enumeration forms, says Election Commission of India The Election Commission of India (ECI) on Friday (July 11, 2025) announced that more than 74% of the 7,89,69,844 electors in Bihar have submitted their Enumeration Forms as part of the ongoing Special Intensive Revision (SIR) of Electoral Rolls in the State. 'The last date for collection of Enumeration Forms is July 25,' the Commission said in an official statement. Simultaneous election Bill gives Election Commission of India unbridled powers; loopholes remain: ex-CJIs The Election Commission has been granted unbridled powers in the legislation for simultaneous polls without providing any oversight clause, two former Chief Justices of India, D.Y. Chandrachud and J.S. Khehar, told the Parliament's Joint Committee reviewing the Bill, on Friday (July 11, 2025). Both the former CJIs, however, argued that the Bill does not in any way violate the basic structure of the Constitution. Legislative Council passes Maharashtra Public Security Bill; Opposition stages walkout The Legislative Council on Friday (July 11, 2025) passed the Maharashtra Special Public Security Bill by majority even as the Opposition staged a walkout and later handed over an eight-page dissent note to the Chairperson of the Legislative Council expressing opposition to the Bill. Changes to marriage, succession, criminal, tenancy laws suggested in policy brief to panel looking into issues of queer community A new civil union framework to recognise 'non-marital intimacies', horizontal reservations for transgender people in education and jobs, 'safe and inclusive' access to washrooms, amendments to marriage, succession, and tenancy laws among a gamut of other laws, and a ban on treatments like 'conversion therapy', are just some of the recommendations and suggestions submitted to the Union government's high-powered committee that has been looking into issues faced by queer persons on account of their identity and non-recognition of queer relationships. Verification of Bengali-speaking migrant workers continues, 44 still in custody in Odisha As many as 44 Bengali-speaking persons continue to remain in custody of the Jharsuguda Police in Odisha, after their documentary proof of Indian nationality failed to convince the police. According to the police, 403 persons were allowed to return to their workplaces, while 44 were detained in two holding centres in the district. JNUSU ends hunger strike after 15 days, says officials vowed to look into its demands The Jawaharlal Nehru University Students' Union (JNUSU) called off its hunger strike on Friday, the 15th day of the protest, following assurance by the administration to look into its demands, including the reinstatement of in-house entrance examination, for all courses. Pentagon acknowledges Iranian ballistic missile hit Qatar air base during Iran's attack The Pentagon on Friday (July 11, 2025) acknowledged that an Iranian ballistic missile hit Al Udeid Air Base in Qatar in June during an Iranian attack after President Donald Trump downplayed the assault. The statement from Pentagon spokesman Sean Parnell follows The Associated Press publishing satellite images on Friday (July 11, 2025) showing damage from the attack.
The Hindu
11-07-2025
- Politics
- The Hindu
Former CJIs Khehar, Chandrachud appear before parliamentary committee on simultaneous elections
Former Chief Justices of India, J.S. Khehar and D.Y. Chandrachud, are interacting on Friday (July 11, 2025) with the parliamentary committee scrutinising the simultaneous election bill as it held its eighth sitting. The Joint Committee of Parliament headed by BJP MP P.P. Chaudhary has been speaking to jurists and legal experts as it prepares its recommendation on the bill. Also read | One Nation One Election and representative democracy Two other former Chief Justices of India, U.U. Lalit and Ranjan Gogoi, have appeared before the committee in past. While both of them did not question the constitutionality of simultaneous elections, they have questioned some aspects of the bill and offered suggestions.
