Viceroy says more to come on Vedanta soon

Group denies charges as the US company shorts bonds, alleges misconduct

- Nehal Chaliawala, Varun Sood & Satish John

can short-seller Viceroy Research said there is “more to come” after Monday's damaging report on Vedanta Group, a day before Group chairman Anil Agarwal faces investors of Vedanta Ltd at the resources company’s annual meeting.

The firm, which has previously targeted Truecaller and AMD, on Wednesday accused Vedanta Group of alleged financial misconduct and misrepresentation, making empty promises to shore up share prices, manipulating asset values, raising off-balance sheet loans, and corporate governance lapses.

Vedanta Group denied all the allegations, calling Viceroy Research's report a “malicious combination of selective misinformation and baseless allegations to discredit the Group”.

The timing of the report was suspicious, the conglomerate said, adding that the short-seller's report could likely undermine forthcoming corporate initiatives.