August 25, 2025 – This report is directed at Hindustan Zinc Limited’s (HZL) minority shareholders, and Mr. Vivek Kumar Bajpai, Mr. Dinesh Mahur and Shri Ashish Chatterjee, the Government of India (GoI) appointed directors. In Q1 FY26, Hindustan Zinc Limited (HZL) paid ₹1,060 crore ($121m)
August 22, 2025 – We have previously highlighted valuation concerns in Vedanta Limited’s (VEDL) International Zinc operations, with earlier reports detailing the operational failures at the Skorpion Complex in Namibia and Black Mountain Mine (BMM) in South Africa. We believe the International Zinc segment represents
August 20, 2025 – Ahead of Vedanta Ltd’s (VEDL) Board meeting regarding its second interim dividend this Thursday, we urge shareholders and stakeholders to re-evaluate the sustainability and fairness of the Company’s dividend policy. VEDL has four options: Cut the dividend: The share price drops,
August 18, 2025 – Vedanta Resources Limited (VRL) carries its Black Mountain Mining (BMM) operations on its books at over $1b, a valuation built on the fiction of project completion and operational viability. Our on-the-ground investigation and financial analysis reveal the asset is financially distressed,
August 14, 2025 – On July 23, 2025 we submitted a complaint to the Securities and Exchange Board of India (SEBI) regarding the conduct of Vedanta Resources Limited (VRL), the UK-domiciled parent of Vedanta Limited (VEDL). Similarly to our letter sent to them on July
August 14, 2025 – On August 12, 2025, advocate Shakti Bhatia filed a Public Interest Litigation (PIL) action with the Union of India, the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI) and the Ministry of Corporate Affairs (MCA), seeking
August 11, 2025 – Vedanta Limited’s (VEDL) international zinc portfolio is in crisis, with its two flagship operations: Skorpion Mine and Smelter (Skorpion Complex) in Namibia and Black Mountain Mine (BMM) in South Africa facing massive problems, both physically and financially. Late last month, Viceroy
August 5, 2028 – Vedanta Ltd (VEDL) reported a record Q1 adjusted EBITDA of ₹10,746 crore ($1.3b) on revenues of ₹37,434 crore ($4.4b). This headline performance belies the company’s deep structural weaknesses. Beneath the veneer of profitability lies a balance sheet under stress, with unsustainable
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
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