Vedanta – June 2023 ED Summons Release

Author: Viceroy Research Published on: November 10, 2025 Published in: Vedanta (NSE:VEDL)

November 10, 2025 – Viceroy has obtained the Enforcement Directorate’s summons, dated June 28, 2023, compelling Vedanta Limited’s Chief Financial Officer to appear in person and produce detailed documentation of royalty payments, intercompany loans, and guarantee fees made to VRL between 2017 and 2023.

The summons was issued regarding the Foreign Exchange Management Act, 1999, a formal enforcement action, not a routine inquiry.

In 2023 Vedanta assured regulators that services were rendered from a functional London office. They helped the Company escape with a relatively light consequence: a $123m rebate

In 2025, the ED are investigating Vedanta again. Vedanta has since admitted that there is no London office, and services are rendered in India by Vedanta Limited. We were informed by former employees that the fee for those services is ~$200,000 per annum.

This time regulators are unlikely to accept Vedanta’s token compliance to justify hundreds of millions in overseas payments.

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