July 30, 2025 – Since our first report on Vedanta Resources (VRL), dozens of whistleblowers including former employees, advisors, and counterparties have come forward, corroborating and expanding on the mechanisms used to extract value from Vedanta Limited (VEDL). These firsthand accounts are eye-opening, revealing a
July 29, 2025 – At this point it feels like we’ve written the same report multiple times. An Agarwal-owned entity is siphoning value out of Hindustan Zinc Limited (HZL), a Vedanta Limited (VEDL) subsidiary already crippled by mismanagement. Runaya Green Tech appears to operate as
July 25, 2025 – On July 14, 2025, Viceroy Research submitted the attached letter to various offices within the Securities and Exchange Board of India (SEBI), outlining our findings from the report “Vedanta – Limited Resources.” Despite the gravity of the issues raised, we received
July 24, 2025 –Arbor Realty’s 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. Arbor’s underlying CLO Debt Service Coverage
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
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