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Vedanta – Alert to Bondholders and Bookrunners

Author: Published on: Published in: Vedanta (NSE:VEDL)

September 29, 2025 – The Reserve Bank of India (RBI) has referred the Vedanta Group to the Directorate of Enforcement (ED) for investigation under the Foreign Exchange Management Act (FEMA). Viceroy Research received official confirmation on September 23, 2025, following detailed submissions relating to unlawful fund expatriation, tax evasion, and regulatory evasion.

At the RBI’s request, on September 25, 2025, Viceroy Research submitted detailed evidence to the ED, shared our correspondence with the Singapore Police Force (SPF) and offered additional support relating to confidential whistleblower testimonies.

We did not disclose this referral as we understood that Vedanta Resources had completed its debt raising activities and repaid the PCF in full. The sudden fundraising activity while under ED investigation introduces a material undisclosed regulatory risk for bondholders.

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