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.
Viceroy Research LLC are an investigative financial research group registered in Delaware, USA.
Our research reports have been prepared for educational purposes only and expresses our opinions. Our reports and any statements made in connection with them are the authors’ opinions, which have been based upon publicly available facts, field research, information, and analysis through our due diligence process, and are not statements of fact. All expressions of opinion are subject to change without notice, and we do not undertake to update or supplement any reports or any of the information, analysis and opinion contained in them. We believe that the publication of our opinions about public companies that we research is in the public interest. We are entitled to our opinions and to the right to express such opinions in a public forum. You can access any information or evidence cited in this report or that we relied on to write this report from information in the public domain.
To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stocks covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. We have a good-faith belief in everything we write; however, all such information is presented “as is,” without warranty of any kind – whether express or implied.
In no event will we be liable for any direct or indirect trading losses caused by any information available on this report. Think critically about our opinions and do your own research and analysis before making any investment decisions. We are not registered as an investment advisor in any jurisdiction. By downloading, reading or otherwise using our research reports, you agree to do your own research and due diligence before making any investment decision with respect to securities discussed herein, and by doing so, you represent to us that you have sufficient investment sophistication to critically assess the information, analysis and opinions in this report. You should seek the advice of a security professional regarding your stock transactions.
This website, all documents contained herein or any information herein should not be interpreted as an offer, a solicitation of an offer, invitation, marketing of services or products, advertisement, inducement, or representation of any kind, nor as investment advice or a recommendation to buy or sell any investment products or to make any type of investment, or as an opinion on the merits or otherwise of any particular investment or investment strategy.
Any examples or interpretations of investments and investment strategies or trade ideas are intended for illustrative and educational purposes only and are not indicative of the historical or future performance or the chances of success of any particular investment and/or strategy.
You should assume that the authors have a direct or indirect interest/position in all stocks (and/or options, swaps, and other derivative securities related to the stock) and bonds covered herein, and therefore stand to realize monetary gains in the event that the price of either declines.
The authors may continue transacting directly and/or indirectly in the securities of issuers covered herein for an indefinite period and may be long, short, or neutral at any time hereafter regardless of their initial recommendation.