Anil Agarwal’s Vedanta empire is under fire after a scathing 87-page report by Viceroy Research accused the group of operating a Ponzi-like financial structure—one that thrives on debt and massive dividend payouts to sustain its parent company. The report alleges governance failures, undisclosed liabilities, and a pattern of treating public investors as a funding tool.
Veteran journalist Sucheta Dalal breaks down the report, Vedanta’s long history of financial engineering, the eerie silence of Indian regulators—and what it all means for banks, minority shareholders, and taxpayers.
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