Overview

• Viceroy’s 87-page report on July 9 accused London-listed Vedanta Resources of a Ponzi-like funding model that systematically drains cash from its Indian unit and inflates asset values.
• The allegations sent Vedanta Ltd shares tumbling by nearly 8% intraday before they recovered and traded flat ahead of the July 10 AGM.
• At the meeting, Chairman Anil Agarwal laid out a “3D” plan to split into five listed entities, diversify into new sectors and cut $3 billion of debt over three years.
• Vedanta has secured an NSE no-objection certificate for its demerger but is still awaiting final clearance from the National Company Law Tribunal.
• Investors and analysts are watching Agarwal’s deleveraging timetable and the broader restructuring as offshore short sellers intensify scrutiny of major Indian conglomerates.