Vedanta submits a letter to Securities and Exchange Board of India

Viceroy Research recently reached out to the Securities and Exchange Board of India (SEBI) on July 14, 2025, with a detailed letter concerning the report “Vedanta – Limited Resources.” Despite the significant concerns raised in the letter, Viceroy Research did not receive any response or acknowledgment from SEBI.

While we acknowledge that SEBI is likely reviewing the matter internally, the absence of any public statements led us to share the letter with the public for transparency and accountability. This decision was motivated by baseless allegations from Vedanta Resources and its representatives accusing Viceroy Research of malicious intent towards India.

It is crucial to note that Vedanta Limited’s promoters, namely the UK-based Vedanta Resources Limited and the Agarwal family, have consistently prioritized extracting value from Indian-listed companies for the benefit of offshore creditors. This practice comes at the expense of the Indian people, public shareholders, and institutional integrity.

Through our ongoing investigation, we have uncovered several concerning practices within Vedanta Limited:

1. Chronic and systematic underinvestment in operating subsidiaries
2. Unsustainable debt structures and undisclosed liabilities
3. Extractive brand fees that do not adhere to arm’s-length principles
4. Inadequate transparency in auditor networks and compromised governance
5. Concealed liabilities and borrowings
6. External Agarwal entities established solely to siphon resources from Vedanta

Viceroy Research remains committed to supporting regulators in safeguarding the interests of Indian markets, institutions, and retail investors. By shedding light on these critical issues, we aim to contribute to a fair and transparent financial landscape in India.

In the spirit of transparency and openness, we invite readers to access the report detailing our concerns regarding Vedanta Limited. This move underlines our dedication to upholding accountability and integrity in the financial sector.

As Viceroy Research continues to monitor developments related to Vedanta Limited, our commitment to advocating for regulatory oversight and investor protection in India remains unwavering. We encourage all stakeholders to stay informed and engaged in ensuring the ethical and sustainable practices of companies operating within the Indian market.