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

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

August 14, 2025 – On July 23, 2025 we submitted a complaint to the Securities and Exchange Board of India (SEBI) regarding the conduct of Vedanta Resources Limited (VRL), the UK-domiciled parent of Vedanta Limited (VEDL).

Similarly to our letter sent to them on July 14, 2025, we have received no acknowledgement or response from SEBI to date. Despite encouraging comments by SEBI Chairman Tuhin Pandey regarding the Board’s commitment to combatting financial fraud and non-arm’s length transactions by promoters, we are not aware of any action being taken.

In light of a Public Interest Litigation (PIL) requesting that the Supreme Court of India order SEBI, among others, to investigate our claims, we are publishing our complaint in full.

We are publishing this complaint in the interest of transparency and in contrast to the opacity, denial, and silence of VRL’s disclosures.

We recognize that SEBI must often work behind the scenes; discretion is part of its duty. But it is precisely this discretion that the Agarwal family has long relied upon to operate unchecked. So long as their offshore lenders remain in the dark, they remain untouched. We do not seek to undermine SEBI’s role, but to bring into the open what the Agarwals would rather keep hidden: the systematic and deliberate exploitation of Indian Investors, Insurers, Pensioners and Government of India.

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