Viceroy Research's Allegations Against Vedanta

US-based Viceroy Research has launched a series of allegations against the Vedanta group, accusing its semiconductor unit, Vedanta Semiconductors Pvt Ltd (VSPL), of being a "sham commodities trading operation". This claim suggests the operation was designed to circumvent classification as a Non-Banking Financial Company (NBFC).

Vedanta's Response to the Allegations

Vedanta has strongly denied these allegations, stating that all business activities of VSPL have been transparently disclosed and comply with statutory norms. The group labeled the claims as baseless, emphasizing its commitment to regulatory compliance and transparency.

The Underlying Motive According to Viceroy

Viceroy Research further alleges that the scheme was devised to facilitate Vedanta Ltd's remittance of brand fees to its parent company, Vedanta Resources, during a period of severe liquidity crisis in April 2025. The short seller warns of the potential regulatory implications, suggesting that the operation's success hinges on maintaining regulatory silence for 24 months.