Vedanta – Our Letter to the Securities and Exchange Board of India

Author: Viceroy Research Published on: July 25, 2025 Published in: Vedanta (NSE:VEDL)

July 25, 2025 – On July 14, 2025, Viceroy Research submitted the attached letter to various offices within the Securities and Exchange Board of India (SEBI), outlining our findings from the report “Vedanta – Limited Resources.” Despite the gravity of the issues raised, we received no response or acknowledgment.

We understand SEBI is reviewing the matter and trust they are treating these issues with the seriousness they deserve. However, given the lack of any public statements from SEBI, we are publishing the letter in the interest of transparency and public accountability.

This publication is also a direct response to baseless accusations made by Vedanta Resources and its representatives that we are malicious actors seeking to harm India. We categorically reject this narrative.

It is Vedanta Limited’s promoters, the UK-based Vedanta Resources Limited and the Agarwal family, who have systemically extracted value from Indian-listed companies for offshore creditors, at the expense of the people of India, public shareholders and institutional integrity.

Our ongoing investigation has revealed:

Chronic and systematic underinvestment in operating subsidiaries
Unsustainable debt structures and disguised liabilities
Extractive, non-arm’s-length brand fees
Opaque auditor networks and compromised governance
Hidden liabilities and borrowings
External Agarwal entities created solely to loot from Vedanta

We continue to stand ready to assist regulators in their mission to protect the interests of Indian markets, institutions, and retail investors.

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