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Vedanta Refutes Allegations Made by Viceroy Research
July 21, 2025
US short-seller Viceroy Research had alleged that Vedanta Ltd’s semiconductor subsidiary, Vedanta Semiconductors Pvt Ltd (VSPL), is a “sham commodities trading operation” created to avoid NBFC classification and facilitate brand fee remittances to parent Vedanta Resources during its April 2024 liquidity crisis. Viceroy claims VSPL was used for zero-margin commodity trades and offshore borrowing under the guise of semiconductor operations, aiming to bypass regulatory scrutiny until FY2027 to avoid losses to the lender if regulators intervened. Vedanta strongly rejected Viceroy’s allegations as baseless and stated that all of VSPL activities comply with laws and governance standards, and that all loans and transactions have been transparently disclosed. Vedanta urged its stakeholders to rely on audited financials. Viceroy has short positions on Vedanta Resources’ debt and continues to assert that Vedanta is draining its Indian unit and says it is still awaiting a formal response to its concerns flagged on July 9.
Vedanta’s dollar bonds traded stable with its 11.25% 2031s at 103.4, yielding 10.27%.
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