'Proposals checked by legal teams...': Hindustan Zinc CEO on Vedanta
Hindustan Zinc's CEO, Arun Misra, has brushed off claims from Viceroy Research that Vedanta broke its agreement with the Indian government by charging HZL a "brand fee."
The fee, added in October 2022, is being called out for lacking a clear business reason and possibly violating rules set with the government.
Misra's clarification
Misra emphasized that every proposal—including the brand fee—is checked by legal teams and shared with the government's nominee director before any board meeting.
"We're very clear in our approach... They have adequate time to go through (the proposals)," he explained.
Viceroy's warning
Viceroy warns that if HZL really skipped government approval, Vedanta could face some serious trouble—think financial penalties or even direct action from authorities.
For now, though, Misra insists all steps were followed properly.