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Viceroy Research flags major concerns in Vedanta report

Business

A new report by Viceroy Research is calling out Vedanta Resources Ltd (VRL) for basically living off its subsidiary, Vedanta Ltd (VEDL).
The report claims VRL has no real business of its own and depends on cash from VEDL to pay debts.
Even though VEDL was already short $5.6 billion, it still paid over $8 billion in dividends in just three years—leading to a huge spike in debt.

Report talks about 'brand fees' and loans

The report highlights some serious red flags: project delays, executive exits, auditor penalties, and over 100 liability warnings since 2022—way more than other companies like them.
It also points to millions being drained through "brand fees" and loans that don't seem to benefit the company itself.
For anyone interested in how big companies handle money—or sometimes mishandle it—this is a reminder that weak oversight can put everyone at risk, from employees to investors.