In the dynamic world of business, scrutiny is inevitable, especially when it’s about companies like Vedanta Limited, a diversified natural resources company and one of India’s key economic contributors. Recently, the company caught media attention following a report from U.S.-based short-seller Viceroy Research, which made baseless allegations about Vedanta’s corporate structure, inter-company transactions, and financial governance within the group.
Vedanta denied this, stating that the Viceroy Research report is a malicious combination of selective misinformation and baseless allegations to discredit the Group.
Understanding the Vedanta Viceroy Research Report
In July 2025, Viceroy Research published a report stating that Vedanta Resources Ltd. (VRL), the parent company of Vedanta, had been extracting value through mechanisms such as brand fees and dividend flows. The report attempted to question the structure of the group and raised concerns about debt servicing, governance, and regulatory oversight.
Though the report tried to get some short-term market reaction, Vedanta remained strong and continued making meaningful contributions within India’s corporate sector. But as a reader, we must understand that such entities aim to create a troubling pattern, not honest criticism or investor awareness, but manipulation.
Vedanta’s Strong Rebuttal
Vedanta Group shared its opinion on the report by clarifying that the report was based on incorrect assumptions and misinformation. The company emphasised that the findings were published without any fact-checking with the sole objective of creating false propaganda. The report comes at a time when Vedanta is planning its demerger, which is scheduled to be completed by September 2025.
This is not the first time Vedanta viceroy Research has targeted a renowned company like Vedanta. Its past reports have led to lawsuits and penalties, with the 2023 defamation case from Medical Properties Trust being the most prominent.
Some Facts About Vedanta
With a legacy spanning decades, Vedanta has been a keen contributor to India’s economic growth and paid more than INR 55,349 crore in total taxes (both direct and indirect) in FY 2024-25 alone. Despite all this, it faced baseless allegations.
Besides being a key tax contributor, the company’s commitment to its shareholders also showcases its visionary approach. In FY 2025 alone, Vedanta distributed ₹43.5 per share as dividends, amounting to a total payout of more than ₹17,000 crores. Over the past four financial years, shareholders have received more than ₹200 per share, demonstrating the company’s long-term focus on value creation.
Legal Remedies Being Considered
As stated by former Chief Justice of India D.Y. Chandrachud, the US short seller Viceroy report on Vedanta “lacks credibility,” and the firm is well-placed to seek legal remedies. Justice Chandrachud’s remark came after Vedanta decided to obtain independent legal opinion from the former chief justice, in response to the allegations made in the Viceroy Research report.
According to the filing, the former CJI has opined that
“Viceroy has a track record of taking short positions in listed companies and then publishing misleading reports to profit unlawfully from the resulting market impact”.
During this challenging phase, legal recourse is one of the legitimate tools available to responsible corporates, and Vedanta is looking at the right course of action to ensure that its interests and those of its stakeholders are protected.
Performance that Speaks for Itself
Despite the temporary noise, Vedanta Limited continues to deliver on its core business goals. Have a look at Vedanta’s FY2024–25 numbers.
- Revenue: ₹1,50,725 crores — the highest ever in company history.
- EBITDA: ₹43,541 crores — up 19% YoY, the second highest in company history.
- Net Debt/EBITDA: Reduced to 1.2x, signalling strong deleveraging and liquidity management.
- Manufactured Capital: 2,422kt, highest ever aluminium production.
- Natural Capital: 2.9 Million trees planted as part of its commitment to plant 7 Million trees by 2030.
Besides, in regard to CSR initiatives, Vedanta has transformed the lives of more than 6.8 million people at the grassroots level in FY 2024-25.
Looking Ahead: Confidence Over Speculation
Though the markets might react to speculation, long-term value is built on performance, integrity, and trust. For a company like Vedanta, which is deeply rooted in ethical practices and economic growth, it’s quite unfortunate to be roped in such baseless allegations. Following this incident, Vedanta urged the public to remain focused on the company’s business fundamentals and growth, while sidelining all the speculation and unsubstantiated allegations.
Vedanta, founded by the visionary Anil Agarwal, is synonymous with trust, transparency, and ethical business practices, where baseless allegations are drowned out by stormy business fundamentals. The stakeholders, including investors, regulators, partners, and communities, can be assured that the company remains committed to doing business the right way, transparently, responsibly, and sustainably.
Conclusion
In an era where rumours spread the fastest, it’s critical to look deeper. Vedanta Limited is one of the legendary companies which remains focused on driving value with discipline, innovation, and trust and with the upcoming Vedanta demerger, we can expect to see a stronger and more focused company.