July 24, 2025 – On July 22, 2025, Viceroy sent the attached letter to various Ministers and Members responsible for the Government of India’s investment in Hindustan Zinc Limited (HZL). The purpose of the letter was to highlight the looting of a strategic national asset
July 23, 2025 – Minova Runaya Private Limited is a 49% Promoter-owned entity, whose only business is to siphon cash from GoI-backed Hindustan Zinc Limited (HZL). Like Serentica Renewables, this parallel structure was established by the Promoter group to engage in margin theft and enjoy
July 21, 2025 – This is not our first rodeo. Viceroy originally planned to release a report on another Agarwal-controlled entity actively stripping value from both VEDL and VRL stakeholders today. After reviewing HZL’s Q1 FY26 earnings, a “legal opinion” released by VEDL protecting its
July 18, 2025 – We believe that Vedanta Limited (VEDL) subsidiary, Vedanta Semiconductors Private Limited (VSPL), is a sham commodities trading operation designed to improperly avoid classification as a Non-Banking Financial Company (NBFC). This scheme was devised to facilitate VEDL’s remittance of brand fees to
July 17, 2025 – We understand HZL’s board is due to meet today, due to long-standing tensions between VEDL and GoI interests. Below are some questions we suggest the GoI nominee directors ask VEDL directors in order cut through their habitual lies. Regarding Brand Fees
July 16, 2025 – The Agarwal family has quietly built parallel operating structures outside of the VRL Group via related parties in order to engage in margin theft, and enjoy favorable, non-arms-length financing from VEDL and its GoI-backed subsidiaries. VRL creditors and VEDL shareholders are
July 15, 2025 – Over ₹1,499 crore ($175.4m) of Vedanta Limited (VEDL) dividends was paid to entities we believe remain under the control of the Agarwal family, and function more akin to political lobbying fronts for influence peddling, and to plug Promoter vehicles with cash.
July 14, 2025 – On July 9, 2025, Vedanta Limited (NSE: VEDL) issued a press release claiming our extensively referenced report was “false propaganda”, despite being unable to disprove a single point in our report and complaining that we had not engaged with management (who
July 10, 2025 – On July 9, 2025, Viceroy released our report on Vedanta Limited (VEDL) and Vedanta Resources (VRL), detailing a system where the public company VEDL is being systematically looted to sustain its indebted parent VRL. The company’s response, a one-page dismissal, ignores
July 9, 2025 – Viceroy is short the debt stack of Vedanta Resources (VRL PropCo), the heavily indebted parent and majority owner of Vedanta Limited (NSE : VEDL). The entire group structure is financially unsustainable, operationally compromised, and poses a severe, under-appreciated risk to creditors.
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