Viceroy claims Vedanta routed $300 million loan through VSPL, Vedanta responds
Vedanta Group is in the spotlight after Viceroy Research accused it of secretly routing a ₹2,500 crore offshore loan through its semiconductor arm, VSPL.
Viceroy claims this was done to dodge regulations and that VSPL also dabbled in paper trades unrelated to semiconductors.
Vedanta, however, says everything's above board and by the book.
'Hindustan Zinc shares used as collateral...'
Viceroy says foreign investors bought 10% debentures, then lent that money to Vedanta at a higher 12% interest rate.
They're also raising eyebrows over how Hindustan Zinc shares were used as collateral and questioning if all disclosures were clear.
Vedanta responded: "All business activities of VSPL have been transparently disclosed and are in line with statutory norms."
'All business activities of VSPL have been transparently disclosed...'
The company insists it followed all laws and governance standards for these loans.
They want everyone to trust their audited financials and official disclosures for the real picture.
Ongoing back-and-forth putting Vedanta's financial practices under microscope
This isn't Viceroy's first time calling out Vedanta—they've previously accused the group of issues related to shareholding patterns and governance.
The ongoing back-and-forth keeps putting Vedanta's financial practices under a microscope.