Vedanta – Public Interest Litigation

Author: Viceroy Research Published on: August 14, 2025 Published in: Vedanta (NSE:VEDL)

August 14, 2025 – On August 12, 2025, advocate Shakti Bhatia filed a Public Interest Litigation (PIL) action with the Union of India, the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI) and the Ministry of Corporate Affairs (MCA), seeking for SEBI, the RBI and the MCA to investigate the findings of our report (Diary No. – 45245/2025 Shakti Bhatia vs State of India)

Note: We had originally planned to publish a report on the findings of our on-the-ground investigation into VRL subsidiary Black Mountain Mining today. Absent further interruptions, regular coverage will resume on Monday.

What the PIL Means

This Public Interest Litigation (PIL) is not a civil suit for damages: it is a constitutional petition filed in India’s Supreme Court to compel the state to enforce its own laws. The petitioner is asking the court to order SEBI, RBI, and the MCA to investigate the findings of Viceroy’s reports on Vedanta Resources Limited (VRL), the UK domiciled parent of Vedanta Limited (VEDL).

If the Supreme Court admits the PIL and compels SEBI, RBI, and the MCA to investigate with their full statutory powers, including the ability to subpoena bank records, freeze accounts, and compel sworn depositions, the scope of findings will almost certainly dwarf what we have revealed.

This is material for bondholders because PIL-driven cases have historically triggered court-supervised probes, license cancellations, and sweeping regulatory actions.

This is not an abstract risk. The public record already paints a picture of a company running its operations to the edge, and often over the edge, of legality to fund debt repayment. Once regulators begin working under court supervision, they will have both the tools and the mandate to expose the rest — and to act on it.

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