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.
May 21, 2025 –Arbor net spreads continue to nosedive, suggesting a further fall in Q2 2025 revenues. More significant errors in Arbor’s reporting of delinquencies, total debt, and debt servicing costs against underlying collateral have also been uncovered. Either the DSCR of Arbor CLOs have
April 24, 2025 – Arbor have closed 2 CLOs last month, announcing that loans will be placed in allegedly cheaper repo lines. We have amended the surveillance reporting of the remaining CLOs accordingly and uncovered more significant errors in Arbor’s reporting of total debt against
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