[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]

@viceroyresearch "Vedanta Zinc Twice Before You Act $HZL's unapproved brand fees carry an undisclosed termination clause and appear to trigger an event of default and a sovereign call/put per its SHA with the Government of India. $VEDL #thread 1/"
@viceroyresearch on X 2025-07-17 04:00:03 UTC 46.4K followers, 10.9K engagements

"The Agarwal family appears to control hidden shareholdings in $VEDL and previously Hindustan Zinc Limited $HZL through Employee Welfare Trusts. These are intended to act in the interest of VEDL employees. 3/"
@viceroyresearch on X 2025-07-15 05:59:16 UTC 46.4K followers, XXX engagements

"We look forward to giving you an update shortly after Arbor's earnings. Watch this space $ABR 7/end"
@viceroyresearch on X 2025-07-24 13:20:05 UTC 46.4K followers, 2083 engagements

"If $HZL's dividend remains the same as last year we estimate HZL will incur an annual FCF shortfall of at least 5000 crore ($580m) and must be funded by moredebt. Disclosures suggest $HZL incurred 2000 crore ($232m) of new debt in Q1 FY26. 5/"
@viceroyresearch on X 2025-07-21 03:53:03 UTC 46.4K followers, XXX engagements

"In the event that $VEDL/VRL are unable to remedy the situation they will trigger another sovereign call or put option event at the discretion of the GoI. $HZL 12/"
@viceroyresearch on X 2025-07-17 04:00:13 UTC 46.4K followers, XXX engagements

"This scheme was devised to facilitate VEDLs remittance of brand fees to Vedanta Resources (VRL) in April 2025 when it faced a severe liquidity crisis and needed to remit brand fees to VRL. $VEDL 3/"
@viceroyresearch on X 2025-07-18 03:57:49 UTC 46.4K followers, XXX engagements

"CFO Sandeep Modis 10000 crore ($1.17b) free cash flow claim collapses under scrutiny. Cash flows are subsidized by debt. $VEDL 4/"
@viceroyresearch on X 2025-07-21 03:53:03 UTC 46.4K followers, XXX engagements

"In FY24 sales to HZL exceeded Minova Runayas total revenue amounting to XXX% of total revenue. This is a mathematical impossibility. $VEDL $HZL 6/"
@viceroyresearch on X 2025-07-23 05:29:58 UTC 46.4K followers, XXX engagements

"Arbor - July 2025 CLO Update & 10-Q Forecasts. Arbor severely misreport delinquencies total debt and debt servicing costs. Meanwhile: underlying DSCR fall to record lows and spreads flatten at record lows. $ABR 1/"
@viceroyresearch on X 2025-07-24 13:20:01 UTC 46.4K followers, 5328 engagements

"While revenues (and presumably output) have increased 2.1x since FY22 operating unit costs and overheads remain deflated inconsistent with a manufacturing business $VEDL $HZL 10/"
@viceroyresearch on X 2025-07-23 05:30:01 UTC 46.4K followers, XXX engagements

"$HZL's exports of XX% pure silver sand to Fujairah Gold were downplayed or denied despite disclosures in HZLs own annual report. High-purity near-finished metal is being sent to a refinery with a questionable track record. $VEDL 9/"
@viceroyresearch on X 2025-07-21 03:53:06 UTC 46.4K followers, XXX engagements

"Good morning @FinancialXpress. To clarify: - Viceroy has never been fined by the FCA in the UK for any reason. - The Australian securities regulator has never "sued" Viceroy or its members - Viceroy has never been short "Ramsay Health Care" It is because of journalism like this that we are still in business. Thank you"
@viceroyresearch on X 2025-07-10 02:05:43 UTC 46.4K followers, 7111 engagements

"Vedanta - Meet the Agarwals Serentica Renewables The Agarwal family has quietly built a parallel related party operating units to poach high-margin contracts from and enjoy non-arms-length financing from $VEDL $HZL and BALCO. This is fraud. #thread 1/"
@viceroyresearch on X 2025-07-16 06:11:41 UTC 46.4K followers, 9356 engagements

"Our investigation into Vedanta Resources extractive practices at $HZL is still ongoing. We respectfully recommend the GoI to launch their own investigation before more value is extracted to VRLs offshore promoters and creditors. $VEDL"
@viceroyresearch on X 2025-07-17 12:15:29 UTC 46.4K followers, 4427 engagements

"These PDAs are signed on a cost-plus basis effectively guaranteeing Serentica an operating profit regardless of its efficiency. Accordingly these PDAs effectively become assets. $VEDL 4/"
@viceroyresearch on X 2025-07-16 06:11:43 UTC 46.4K followers, XXX engagements

"ICRA ICRA reaffirmed $HZL's A1+ rating on the day of the Q1 FY26 call citing the financial strength of a company being pillaged by its Promoter group. Arriving late to corporate collapses is an ICRA specialty on tomorrows menu. $VEDL 11/"
@viceroyresearch on X 2025-07-21 03:53:08 UTC 46.4K followers, XXX engagements

"$VEDL RHZL & BALCO invested in 2000 crore ($234m) of OCRPS hybrids in Serenticas SPVs. These hybrids entitle the VEDL entities to a comical dividend of XXXXXX% of face value per annum. 5/"
@viceroyresearch on X 2025-07-16 06:11:43 UTC 46.4K followers, XXX engagements

"September XX 2024 Roughly for every rupee of dividend that the government as the shareholder gets the Vedanta Group nonchalantly pockets more than two rupees most of which gets bankrolled to the UK-located parent company of the Vedanta Group to help lessen its massive debt of billions of dollars which the latter is unable to repay otherwise. The rest of the dividend amount cornered by the group goes to repay the debt of the domestic company. In other words your Ministry ably supported by the Ministry of Mines is complicit in helping the Vedanta Group drain HZLs scarce resources to fund the"
@viceroyresearch on X 2025-07-25 04:05:53 UTC 46.4K followers, XXX engagements

"In an EOD the Defaulting Party (VEDL) must remedy the Non-Defaulting Party (the GoI) within XX days. We encourage the GoI to seek a clawback of uncommercial and unauthorized Brand Fee payments made to $VEDL and VRL. $HZL 11/"
@viceroyresearch on X 2025-07-17 04:00:12 UTC 46.4K followers, XXX engagements

"The logical gymnastics Adler are performing is astounding. A disclaimer of opinion is not an audit & KPMG have even stated in the audit report that the audit could not be completed. IFRS & LUX law defer to ISA XXX again no audit. German law irrelevant bonds are Lux $ADJ"
@viceroyresearch on X 2022-05-10 08:13:38 UTC 46.4K followers, XX engagements

"Adler management will not relent pulling over the eyes of investors. An audit report is not an audit. The diaclaimer of opinion may as well have been a resignation by KPMG. It indicates that it could not verify possibility of pervasive & material misstatements. $ADJ"
@viceroyresearch on X 2022-05-04 00:06:30 UTC 46.4K followers, XX engagements

"HZL EARNINGS CALL HZL paid out far more in dividends than it earned borrowing to cover the shortfall. We estimate HZLs FCF shortfall in Q1 to be 3600 crore ($371m). $VEDL 3/"
@viceroyresearch on X 2025-07-21 03:53:02 UTC 46.4K followers, XXX engagements

"QUESTIONS FOR HZL-GoI MEETING TODAY We understand $HZL's board is due to meet today due to long-standing tensions between VEDL and GoI interests. Below are some questions we suggest the GoI nominee directors ask $VEDL directors in order cut through their habitual lies. 17/"
@viceroyresearch on X 2025-07-17 04:00:17 UTC 46.4K followers, 4336 engagements

"Runaya Metsource's own filings with @MCA21India confirm Anil Agarwal as the beneficiary. $HZL $VEDL & $VRL must answer: Why do they enable margin theft from minority shareholders inc @mygovindia Another undisclosed related party Yet Agrawal questions people's credibility"
@viceroyresearch on X 2025-07-23 10:37:48 UTC 46.4K followers, 4335 engagements

"Today @BaFin_Bund reiterates #Adler 2019 statement contains errors. We concur & feel criminal proceedings are a must. $ADJ"
@viceroyresearch on X 2022-08-10 12:23:38 UTC 46.4K followers, XX engagements

"What services have VEDL provided to Hindustan Zinc since October X 2022 that were not provided over the previous XX years $VEDL 4/"
@viceroyresearch on X 2025-07-17 04:00:06 UTC 46.4K followers, XXX engagements

"After telling shareholders this morning that Adler would retain KPMG for its 2022 audit Kirsten has to embarassingly backtrack his comments as KPMG quit. $ADJ This is not scripted. This is real life"
@viceroyresearch on X 2022-05-17 12:25:42 UTC 46.4K followers, XX engagements

"$HZL FINANCIALS $HZL's capital structure is subject to immense stress due to the PropCos looting. HZL's balance sheet has shifted from a 16000 crore net-cash position to a 8700 crore net debt position in a matter of 5-6 years a delta of 24700 crore. $EVDL 14/"
@viceroyresearch on X 2025-07-17 04:00:15 UTC 46.4K followers, XXX engagements

"A breach of this clause of the SHA is classified as an event of default. This then begs the questions: X. Is the brand fee agreement subject to Special Matter Provisions X. If so did $HZL seek approval from the GoI to engage in the Brand Fee Agreement $VEDL 6/"
@viceroyresearch on X 2025-07-17 04:00:08 UTC 46.4K followers, XXX engagements

"Vedanta just slapped a homepage pop-up touting a week-old legal opinion one already skewered by us and others prominent figures for being lazy bought and irrelevant. The kicker It defends promoters extracting billions from India. $VEDL $HZL"
@viceroyresearch on X 2025-07-25 04:54:09 UTC 46.4K followers, 9072 engagements

"Report now live on our website $VEDL $HZL 2/"
@viceroyresearch on X 2025-07-15 05:59:16 UTC 46.4K followers, XXX engagements

"THE PROVISIONS Provision XX limits the ability of directors self-dealing with their own interests without approval of GoI nominated directors. HZL shares executive and non-executive directors with both VEDL and VRL. $VEDL $HZL 7/"
@viceroyresearch on X 2025-07-17 04:00:09 UTC 46.4K followers, XXX engagements

"Dr E.A.S. Sarma is a distinguished civil servant and intellectual known for his integrity environmental advocacy and policy expertise. He was Secretary of Ministry of Power Secretary of Ministry of Finance and Principal Energy Adviser to the GoI. $VEDL $HZL 4/"
@viceroyresearch on X 2025-07-25 04:05:53 UTC 46.4K followers, XXX engagements

"Provision XX limits the ability of the company to make any loans or advances to any person in excess of XX crore . Brand fees also function as rolling credit to VRL. The brand fee amount is calculated based on projections and is paid as an advance. $VEDL $HZL 9/"
@viceroyresearch on X 2025-07-17 04:00:10 UTC 46.4K followers, XXX engagements

"Reminder to follow one of our favorite contras @resglostocks for excellent short ideas. $ADJ"
@viceroyresearch on X 2024-03-28 09:53:25 UTC 46.4K followers, 7754 engagements

"STRUCTURE Minova Runaya was announced in July 2020 as a 51:49 joint venture between Minova Minetek Pty Ltd and Runaya Metsource LLP respectively. $VEDL $HZL 3/"
@viceroyresearch on X 2025-07-23 05:29:56 UTC 46.4K followers, XXX engagements

"THE SHA VEDL is party to a binding shareholder agreement (SHA)with the Government of India (GoI) which lays out provisions for matters that require Special Consent. If $HZL wants to engage in these Special Matter activities it can only do so with GoI approval. $VEDL 5/"
@viceroyresearch on X 2025-07-17 04:00:07 UTC 46.4K followers, XXX engagements

"July XX 2025 In my view your Ministry and the Finance Ministry have been jointly complicit in allowing the Vedanta Group to syphon off HZLs funds for its own undue benefit without caring to ensure that Zinc mining in India remained sustainable and that that the countrys scarce Zinc resources are not wantonly exhausted to serve the narrow short-term interests of the Vedanta Group. I am sure that an independent judicial enquiry will bring out the complicity in all its dimensions. Instead a more prudent approach on your Ministry would be to (i) review HZLs dividend policy from the public"
@viceroyresearch on X 2025-07-25 04:05:55 UTC 46.4K followers, 2511 engagements

"THE HIDDEN LIQUIDITY CRISIS In 2024 Vedanta Limited (VEDL) faced a severe liquidity crisis. In response $VEDL reactivated VSPL not as a semiconductor venture but as a zero-margin trading entity whose operations appear to consist entirely of paper-based commodity trading 4/"
@viceroyresearch on X 2025-07-18 03:57:50 UTC 46.4K followers, XXX engagements

"Hindustan Zinc did not take govt approval for brand fee agreement says Viceroy $VEDL $HZL Read more at:"
@viceroyresearch on X 2025-07-17 05:37:55 UTC 46.4K followers, 7637 engagements

"Are @BaFin_Bund going to allow this There's only one reason @adlergroup withheld documents from @KPMG_DE. #Adler makes a mockery of a #German regulatory system with: #Adler Says Review Found No Evidence of Related-Party Deals $ADJ"
@viceroyresearch on X 2023-01-17 08:23:53 UTC 46.4K followers, XX engagements

"In today's conference call: analysts asked specifically whether KPMG was on board to cure Adler accounts in 2022. Kirsten replied yes. Please enlighten us with with the details given KPMG have just quit $ADJ"
@viceroyresearch on X 2022-05-17 13:18:03 UTC 46.4K followers, XX engagements

"$HZL Management promoted its R&D Venture which spent just XX ($4m) crore on R&D over X years less than X% of what it has paid in unjustifiable brand fees to its promoters over the same period. $VEDL 10/"
@viceroyresearch on X 2025-07-21 03:53:07 UTC 46.4K followers, XXX engagements

"Link to Zinc Twice Before You Act report $VEDL $HZL 2/:"
@viceroyresearch on X 2025-07-17 04:00:04 UTC 46.3K followers, XXX engagements

"$ABR's underlying CLO Debt Service Coverage Ratio (DSCR) has deteriorated to approximately 0.50x down sharply from 0.60x at year-end 2024. This includes Viceroys corrections to obviously misreported debt servicing costs made by Arbor to the US Bank Trustee. 3/"
@viceroyresearch on X 2025-07-24 13:20:02 UTC 46.4K followers, XXX engagements

"Multiple whistleblowers confirm $HZLs Nov/Dec 2023 brand fee was never placed before the board. The preceding BSS already breached the SHA. Misra carefully avoids saying it was approved only discussed before being finalized. No board minutes. No approval. No paperwork"
@viceroyresearch on X 2025-07-18 15:18:40 UTC 46.4K followers, 6084 engagements

"EARNINGS CALL HZLs CEO Arun Misra credited offshore brand fees (paid in advance) as justifiable by past risks undertaken by Vedanta as a shareholder of HZL. This is preposterous. $HZL $VEDL 7/"
@viceroyresearch on X 2025-07-21 03:53:05 UTC 46.4K followers, XXX engagements

"This is not our first rodeo. Report is now live: $VEDL 2/"
@viceroyresearch on X 2025-07-21 03:53:01 UTC 46.4K followers, XXX engagements

"Vedanta Vedanta Semiconductor: 2500 Crore Dhokhe Ka Samrajya Under pressure to pay brand fees $VEDL routed a 2500 crore loan through a company doing XXX crore in sham operations hoping regulators didnt look. 1/"
@viceroyresearch on X 2025-07-18 03:57:47 UTC 46.4K followers, 7985 engagements

"OTHER RELATED PARTY DEALS Viceroy have previously detailed other significant related party transactions between HZL and promoter companies. These transactions are subject to the same Special Matter Provisions under Clause XXX of the Hindustan Zinc SHA. $HZL $VEDL 13/"
@viceroyresearch on X 2025-07-17 04:00:14 UTC 46.4K followers, XXX engagements

"The OCRPS are convertible after XX years have passed from the date of issuance a period longer than the contracted delivery of power for the SPV & useful life of underlying assets. Presumably this means that the entity will be worth nothing at the date of conversion. $VEDL 7/"
@viceroyresearch on X 2025-07-16 06:11:45 UTC 46.4K followers, XXX engagements

"Link to our latest $VEDL report on Serentica. 2/"
@viceroyresearch on X 2025-07-16 06:11:42 UTC 46.4K followers, XXX engagements

"To the GoI: This is not the first time the Government of India has had to intervene. Its position on HZL's board leaves the GoI as not just a shareholder but the only credible steward of $HZL's value. It is time for the GoI to act again to safeguard public interest. $VEDL fin/"
@viceroyresearch on X 2025-07-21 03:53:11 UTC 46.4K followers, 8382 engagements

"Vedanta HZL Earnings & Legal Opinions As $HZL management lie to investors amid earnings misses: the Promoter Group purchases a legal-opinion (paid by $VEDL) on Viceroys credibility as a means of self-validation. 1/"
@viceroyresearch on X 2025-07-21 03:53:00 UTC 46.4K followers, 5500 engagements

"Vedanta Our Letter to SEBI On July XX 2025 Viceroy Research submitted the attached letter to various offices within SEBI. Despite the gravity of the issues raised we have received no response or acknowledgment. $HZL $VEDL 1/"
@viceroyresearch on X 2025-07-25 04:05:51 UTC 46.4K followers, 5439 engagements

"$HZL's auditor SR Batliboi failed to investigate material concerns relying entirely on management assertions while the companys capital base deteriorated and governance collapsed. $EVDL 6/"
@viceroyresearch on X 2025-07-21 03:53:04 UTC 46.4K followers, XXX engagements

"Vedantas shares in HZL bear the same risk as every other equity holder including the GoI. If anything it is HZL and its non-promoter shareholders that have borne the outsized risk of HZL taking outsized loans to pay unaffordable dividends to Promoters. $VEDL $HZL 8/"
@viceroyresearch on X 2025-07-21 03:53:06 UTC 46.4K followers, XXX engagements

"Minova Runaya sourced XX crore ($4.2m) worth of materials in FY24 directly from ESL Steel another $VEDL entity. This is nearly one-third of its cost base in FY24 being sourced from inside the group and then resold back into the group to HZL at a XX% margin. $HZL 11/"
@viceroyresearch on X 2025-07-23 05:30:02 UTC 46.4K followers, 2278 engagements

"$HZL faces a ticking financial time bomb in the form of massive unresolved tax and royalty disputes. As of FY25 the company disclosed a total of 15156 crore ($1.68b) in undisputed statutory dues and 2663 crore ($308m) in contingent liabilities under litigation. $VEDL 16/"
@viceroyresearch on X 2025-07-17 04:00:16 UTC 46.4K followers, 1737 engagements

"CONCLUSION The Agarwal family claim they want to build Indias industry. Minova Runaya shows what they really build when people are not looking: a factory as empty and cynical as the promises they make. $HZL $VEDL 12"
@viceroyresearch on X 2025-07-23 05:30:03 UTC 46.4K followers, 4338 engagements

"You're only as good as your last short $SBB $ADJ $TRUE"
@viceroyresearch on X 2022-09-28 11:26:02 UTC 46.4K followers, XX engagements

"Arbor has re-modified $426m of loans in June and July 2025. Most of these loans had already been modified since Q4 2024 some as recently as April 2025. $ABR 5/"
@viceroyresearch on X 2025-07-24 13:20:04 UTC 46.4K followers, XXX engagements

"HZL is contractually obligated to procure its entire requirement of ground support products from Minova Runaya. HZL bears input cost risk for Minova Runaya. Pricing is governed by a formula-based mechanism guaranteeing Minova Runayas profits. $VEDL $HZL 5/"
@viceroyresearch on X 2025-07-23 05:29:57 UTC 46.4K followers, XXX engagements

"FINANCIAL DISCREPANCIES According to its financials Minova Runaya produces resin capsules rock bolting systems and wire mesh. These products are standardized commoditized and globally competitive. They do not justify a XX% margin. $VEDL $HZL 4/"
@viceroyresearch on X 2025-07-23 05:29:57 UTC 46.4K followers, XXX engagements

"The loan proceeds were remitted to VEDL when VSPL sanctioned a 2500 crore ($293m) XX% loan. 2408 crore ($282m) of this loan was disbursed in FY25. $VEDL 11/"
@viceroyresearch on X 2025-07-18 03:57:55 UTC 46.4K followers, XXX engagements

""Govt nominees on Hindustan Zinc board may quiz management on Vedanta tomorrow." - @EconomicTimes $VEDL $HZL"
@viceroyresearch on X 2025-07-16 05:39:25 UTC 46.4K followers, 5638 engagements

"Delinquent loans have risen sharply since our last update in May 2025 from $750m to $1048m an increase of 40%. Delinquent loans now represent XX% of the CLO loan book. $242m of these delinquencies are XX days. $ABR 4/"
@viceroyresearch on X 2025-07-24 13:20:03 UTC 46.4K followers, XXX engagements

"JP Morgan whose analysts have also repeatedly defended VRL and VEDL appear to be the main investor in these loans to a commodities sham trading entity. Bank of America dumped their exposure within less than a year of the allotment $VEDL 10/"
@viceroyresearch on X 2025-07-18 03:57:55 UTC 46.4K followers, XXX engagements

"Provision XX limits the ability of HZL to make the provision of guarantees or securities to other companies under the same management. The brand fees provided by HZL to VRL are used as security against VRL loans. $VEDL $HZL 8/"
@viceroyresearch on X 2025-07-17 04:00:09 UTC 46.4K followers, XXX engagements

"We observe in April that Arbor net interest spreads have flattened at record lows across the entire portfolio. Arbor has faced net interest spread reductions of up to XX% across its CLO portfolios. 6/ $ABR"
@viceroyresearch on X 2025-07-24 13:20:04 UTC 46.4K followers, 2353 engagements

"Vedanta Meet the Agarwals Minova Runaya Agarwal-owned JV siphons margins from $HZL by marking-up commoditized goods and selling them to HZL on an exclusive uncommercial contract. Minova Runaya has been stealing profits from HZL for over X yearsandcounting. $VEDL 1/"
@viceroyresearch on X 2025-07-23 05:29:54 UTC 46.4K followers, 7102 engagements

"Photos uploaded by Minova Runaya employees show an operation that is more suited to warehousing finished or near-finished products instead of serious manufacturing. $HZL $VEDL 9/"
@viceroyresearch on X 2025-07-23 05:30:00 UTC 46.4K followers, XXX engagements

"Vedanta Viceroys Letter to the Government of India on the Looting of Hindustan Zinc In the absence of a response we are publishing our letter to the Government of India about the rampant looting at Hindustan Zinc Limited. $HZL $VEDL"
@viceroyresearch on X 2025-07-24 05:49:14 UTC 46.4K followers, 6249 engagements

"BONUS ROUND: EBIX $EBIXQ EBIX is now bankrupt and it has been widely reported that its Promoter CEO Robin Raina is under investigation by SEBI. Another silver platter delivery from Viceroy Research. 14/"
@viceroyresearch on X 2025-07-21 03:53:10 UTC 46.4K followers, 7952 engagements

"Yes the best response to allegations taxpayers being robbed and shareholders being defrauded is to shoot the messenger. $VEDL This has worked very well in the past in various of our other calls. (sarcasm)"
@viceroyresearch on X 2025-07-09 07:30:05 UTC 46.4K followers, 8460 engagements

"Vedanta Limited Resources Viceroy is short of Vedanta Resources (PropCo) the heavily indebted parent & majority owner of Vedanta Limited (NSE : VEDL). The group structure is financially unsustainable operationally compromised & resembles a Ponzi scheme. $VEDL 1/"
@viceroyresearch on X 2025-07-09 06:30:04 UTC 46.4K followers, 128.4K engagements

"Vedanta - Hidden Holdings BJST and PTCC $VEDL and $HZL shareholders Bhadram Janhit Shalika Trust and PTC Cables appear to be undisclosed Agarwal-controlled entities funneling intended employee benefits into politics. 1/"
@viceroyresearch on X 2025-07-15 05:59:15 UTC 46.4K followers, 11.9K engagements

"HZL does not make sufficient cash flows to support enormous dividends. HZL has incurred a 23800 crore FCF shortfall against dividends since 2019. As demonstrated above $HZL has supplemented this with debt. $VEDL 15/"
@viceroyresearch on X 2025-07-17 04:00:16 UTC 46.4K followers, XXX engagements

"MANUFACTURING Minova Runayas accounts acknowledge that it manufactured nothing until at least FY24. Even then the only product it manufactured was wire mesh a product so simple and cheap a fully automated line can be set up for under X crore ($117006). $VEDL $HZL 8/"
@viceroyresearch on X 2025-07-23 05:29:59 UTC 46.4K followers, XXX engagements

"Viceroy isnt the only one stating the obvious. #Vedanta rolled out a former Chief Justice to defend the indefensible. Now even he wont stand by his own opinion. No answers on debt. No clarity on dividend raids. No transparency on related-party looting. Just silence. $VEDL #HZL"
@viceroyresearch on X 2025-07-23 12:43:33 UTC 46.4K followers, 7255 engagements

"Since FY21 Minova Runaya has disclosed XXX crore ($63.5m) in tangible asset sales to HZL while only carrying XX ($7.7m) crore of tangible assets on its balance sheet. $VEDL $HZL 7/"
@viceroyresearch on X 2025-07-23 05:29:59 UTC 46.4K followers, XXX engagements

"$SCA back to same old tricks. Won't revalue forest down. Ramps harvesting 11%. Borrows 700m SEK to pay dividend"
@viceroyresearch on X 2025-07-25 06:25:00 UTC 46.4K followers, 3554 engagements

"There is absolutely no reason why a clean Chairman allegedly uninvolved in Adlers impropriety would withhold this data from KPMG to receive a clean audit unless the data was for lack of a better term apocalyptic. $ADJ Curing the opinion is easy but at what cost"
@viceroyresearch on X 2022-05-03 08:20:48 UTC 46.4K followers, XX engagements

"BRAND FEES On October X 2022 Vedanta Limited imposed a brand fee on Hindustan Zinc. We believe this brand fee is an uncommercial contract with VEDL who does not appear to provide any brand management or other auxiliary services to $HZL. $VEDL 3/"
@viceroyresearch on X 2025-07-17 04:00:05 UTC 46.4K followers, XXX engagements

"EVENT OF DEFAULT A breach of Clause XXX requiring approval from the GoI nominees to engage in Special Matter activities constitutes an Event of Default (EOD) under the SHA. $HZL $VEDL 10/"
@viceroyresearch on X 2025-07-17 04:00:11 UTC 46.4K followers, XXX engagements

"Our concerns are not new. Dr E.A.S. Sarma has been rightfully calling out the looting of $HZL and its consequencesto the GoI foryears. $VEDL 3/"
@viceroyresearch on X 2025-07-25 04:05:52 UTC 46.4K followers, XXX engagements

"Vedanta is Crippling HZL writes Former Finance Secretary to the Government of India EAS Sarma. @countercurrents. So far the @Vedanta_Group have neglected to answer our questions sent a week ago. The silence is deafening"
@viceroyresearch on X 2025-07-18 06:48:39 UTC 46.4K followers, 4997 engagements

"Adler conference call today. Consus also puts out announcement after midnight (and therefore with an incorrect date). It's audit has NOT been completed however preliminary valuations show negative equity. RIP. $ADJ"
@viceroyresearch on X 2022-05-17 04:54:30 UTC 46.4K followers, XX engagements

"June XX 2025 Under Section XXX of the Companies Act it is illegal for a company to pay dividends from any source other than profits. During the time frame 2017-18 till date HZL has paid more than Rs 80000 crores often in excess of yearly profits implying diversion of its internal resources for that purpose. The Vedanta Group which has an equity share of XXXXX% has thus paid itself more than Rs 50000 Crores during that period whereas the government with an equity share of XXXXX% would have received around Rs 20000 Crores. Your Ministry has evidently welcomed the inflow of such a large dividend"
@viceroyresearch on X 2025-07-25 04:05:54 UTC 46.4K followers, 2555 engagements