Vedanta – Hidden Holdings, BJST, and PTCC

Author: Viceroy Research Published on: July 15, 2025 Published in: Vedanta (NSE:VEDL)

July 15, 2025 – Over ₹1,499 crore ($175.4m) of Vedanta Limited (VEDL) dividends was paid to entities we believe remain under the control of the Agarwal family, and function more akin to political lobbying fronts for influence peddling, and to plug Promoter vehicles with cash.

“As far as this report which has come, we are so transparent. My fundamental value is very important to remain disclosure and the transparent, and this is our strength” – Anil Agarwal, July 10, 2025

The Agarwal family appears to control hidden shareholdings in VEDL, and previously Hindustan Zinc Limited (HZL), through undisclosed fronts: the Bhadram Janhit Shalika Trust (BJST), and its subsidiary PTC Cables Pvt Ltd (PTCC).
BJST appears to be Employee Welfare Trust (EWTs), and their primary purpose should be to act in the best interests of its beneficiaries, Vedanta’s employees.
While we have not been able to identify any welfare programs run by BJST, it engages in political lobbying and influence campaigns for the sole purpose of advancing the PropCo’s agenda, and to keep these lobbying efforts off VEDL’s official books.
These entities have collected ₹1,499 crore ($175.4m) in dividends from VEDL and HZL since FY20, though BJST has been a significant VEDL shareholder since at least June 2009

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