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
November 7, 2025 – On November 6, 2025, the Financial Times reported that Vedanta Resources Limited (VRL) had transferred its interest in Konkola Copper Mines (KCM) to a US entity, CopperTech Metals. This confirms Viceroy’s previous concerns that VRL could not meet its funding commitments
November 3, 2025 – Vedanta’s Q2 FY26 results confirm its financial structure is fundamentally broken and validates our core thesis. The company’s headline claim of “record revenues” is a smokescreen, obscuring a collapse in free cash flow, eroding margins, and a balance sheet being propped
October 28, 2025 – One day after the publication of our October Regulatory Update, the Securities and Exchange Board of India (SEBI) all but confirmed that the Vedanta Resources Group, and Anil Agarwal’s empire more broadly, is under investigation. In its October 24, 2025, publication
October 23, 2025 – Public disclosures by Hindustan Zinc, VRL and other entities, including the Supreme Court, show gaps between Vedanta’s “all is well” narrative and the underlying reality. Active investigations, ministry objections and legal challenges continue to unfold. VRL’s and HZL’s disclosures confirm active
October 17, 2025 – This serves as a quick update from Viceroy ahead of HZL’s earnings call. HZL’s H1 FY26 results reveal a business that is buckling under its promoter group’s demand for unsustainable dividends. A quick look at the headline numbers shows where the
October 16, 2025 – On September 17, 2025, Vedanta Resources Limited (VRL) subsidiary Hindustan Zinc Limited’s (HZL) proposed fertilizer plant in Chanderiya, Rajasthan was rejected by the Expert Appraisal Committee (EAC). The EAC refused to approve HZL’s request to amend its Environmental Clearance due to
October 15, 2025 – Viceroy have obtained the Ministry of Petroleum and Natural Gas’ objection to Vedanta Limited’s demerger application. The objection, a copy of which will be published alongside this report, cites material misstatements by Vedanta Group, “material breaches” of Production Sharing Contracts (PSCs),
October 14, 2025 – This report details the accounting and audit irregularities across the Vedanta Group and its affiliates under the umbrella of the Anil Agarwal-owned promoter entities. We have identified material breaches of Indian Accounting Standards (Ind AS), the Companies Act, 2013 and the
October 8, 2025 – Recent developments show that Vedanta no longer enjoys the quiet backing of regulators or the State. Vedanta Resources failed to raise the full $1bn required to refinance its $550m private credit facility, contradicting prior claims that this obligation had been repaid.
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