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American short seller makes serious allegations against Anil Aggarwal’s company, government’s share too, know the whole matter

by Aaryan Srivastav
July 18, 2025
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Hindustan Zinc, a subsidiary of veteran industrialist Anil Aggarwal’s company Vedanta, has been accused. The allegation has been made by American short-seller Viceroy Research. He claims that Hindustan Zinc did not take approval from the government for the 2023 brand fee agreement. By doing this, the company may dissolve the shareholder agreement with the government and the company may be default. Viceroy Research has recently published several reports against Vedanta Group and its subsidiaries.

The government has a 27.92% stake in Hindustan Zinc. At the same time, Vedanta has 61.84% stake. The company’s shares on BSE rose 0.18 percent to close at Rs 436. At the same time, Vedanta’s shares fell 0.27% to close at Rs 446.25. Viceroy Research said in its report that Hindustan Zinc did not take approval from the government for the brand fee. This default the Government of India as per its shareholding agreement. Hindustan Zinc has not responded in this regard.

Brand fee

Vedanta imposed a ‘brand fee’ on Hindustan Zinc in October 2022. Viceroy Research says that it is not only a non-business contract, but also a violation of the company’s shareholder agreement with the Government of India. Vedanta bought a stake in Hindustan Zinc from the government in 2002. It was part of the disinvestment process. According to the shareholder agreement, in some cases the consent of the director nominated by the government is necessary.

Viceroy Research has claimed that provision 14, without the approval of directors appointed by the government, prevents directors from behaving with their interests. Section 16, Hindustan Zinc limits the ability to guarantee or give securities to other companies under the same management. Provision 24, the company restrictions the ability to give loans or advances of more than Rs 20 crore to any person in the company. Viceroy Research said that Hindustan Zinc has violated these provisions.

What are the options?

Viceroy Research says that in the event of default, Vedanta will have to settle the payment within 15 days. Failure to do so, the government may use the call option to buy Vedanta’s share in the company at 25% less than the current market price. Also, she can ask Vedanta to buy a stake on 25% premium.

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