Corporate Grapevine     

Published: October 31, 2025
Updated: October 31, 2025

Viceroy moves Singapore authority against Vedanta

Short seller Viceroy Research has filed a complaint with the Monetary Authority of Singapore (MAS) and Singapore’s Commercial Affairs Department (CAD), alleging regulatory and disclosure breaches by Vedanta Resources and its listed subsidiary Vedanta Limited following the company’s FY26 second-quarter results.

In a letter dated November 3, 2025, Viceroy claims Vedanta’s London headquarters — disclosed in bond filings — is in fact the personal residence of Chairman Anil Agarwal, with all operational functions run from India by Vedanta Limited staff. Viceroy says this contradicts statements in bond prospectuses and public filings, constituting “false corporate representations and misleading disclosures in connection with listed securities.”

The short-seller argues this amounts to negligent and fraudulent misrepresentation, alleging investors were misled into believing Vedanta maintained a functioning offshore headquarters. It cites potential breaches of Singapore’s Securities and Futures Act, including prohibitions on false or misleading statements likely to influence investment decisions, and SGX Listing Rules requiring timely and accurate disclosure.

The letter raises governance concerns over use of a residential address as corporate headquarters, suggesting conflicts of interest and inadequate internal controls. It warns the alleged misstatements could trigger civil action from investors, regulatory penalties, and possible criminal liability if intent to deceive is established, alongside bond covenant breaches.

Viceroy urges regulators to expedite investigations into disclosures, “brand fees” collected by Vedanta Resources, and the role of auditors and bookrunners. The firm argues public admissions and evidence “establish a clear factual foundation for regulatory action” and calls for immediate enforcement to protect investors and Singapore’s market integrity.

While Vedanta has not commented on these allegations, not many regulatory authorities have paid any attention to the allegations.