Short-seller Viceroy accuses Vedanta promoters of hidden stake via welfare trust
Mumbai: Anil Agarwal’s Vedanta Resources Ltd has been accused of blaming the new claims of the Vedanta Ltd of Vedanta Ltd this time, shortly after a week after publishing a critical report on Vedanta Resources Ltd.
Asset under review PTC Cables Pvt. LTD (PTCC), which has a share of 1.91% of Vedanta LTD, is a company with a market value. LaAccording to BSE data, 1.75 trillion. PTCC, Viceroy’s Vedanta Group’s founder Agarwal family claimed to have been controlled by the Bhadram Janhit Shahalika Trust (BJST).
According to the report, PTCC received LaIn the last five years, “upgraded” from Vedanta to 1,500 crore and capital supporters in dividend revenue.
“PTCC has a purpose for a purpose: Silent to quietly recycles Vedanta’s cash money to controlled controlled vehicles, while the Viceroy report on Tuesday,” PTCC is the purpose of independence. “
Vedanta rejected the allegations.
The company spokesman said that the company is in accordance with the norms of the Indian securities and stock exchange board (Sebı) and 2013 Companies Law, “These allegations are unquestionably,” he said.
“Neither BJST nor PTCC is part of the supportive group as defined under applicable regulations, and stocks were not disclosed in a transparent way in public applications, Söz he added.
Viceroy’s claims are based on public records.
In the 2009 income tax case, BJST’s correspondence address was listed as the personal residence of Anil Agarwal in Mumbai. In another case, the address of trust was the address of Tarwal & Tarwal, a company connected to Arun Tarwal, a director of the Sterlite Power Grid Ventures, which is currently a farewell side organization. He has previously worked as a director of Hindustan Zinc Ltd, Sterlite Technologies, Malco and Balco boards.
The report stated that Indian confidences were subject to less strict explanation obligations compared to companies and acknowledged that there was no definite document of the current control.
Viceroy also stated that the Agarwal family’s control over the PTCC is a “open secret” within the company.
In addition, the governance concerns in the PTCC marked the governance concerns in the report. The company was founded in 1993 as a shareholder with the agarwal family and was transferred to BJST in 2017. Current directors are Tarwal and Kannan Ramamirthan.
Ramamirthan is an independent director who is the most profitable subsidiary of Vedanta. He also served on the boards of other Vedanta group companies, including Talwandi Sabo Energy Power Plant, Balco, Sterlite Energy and Sterlite Inter.
Vedanta did not explain that the PTCC, which is classified as a public shareholder, had a long -standing associations PTCC.
The company did not respond to a certain interrogation on this issue. The calls and e -mails made to Tarwal for a comment did not respond. Mint He could not reach Ramamirthan for a comment.
Concerns about the independence of BJST and PTCC are not new. In the 2020 note, the proxy consulting firm said that the stakeholder strengthening services (SES), BJST was known as SIL Employee Welfare Trust and then linked to the Sterlite Industries LTD, which was later combined with Vedanta. Trust was then renamed as BJST.
Ses, “It is not clear who controls BJST at the moment,” he wrote. However, if the company is under the control of Vedanta, PTCC said that it should be classified as a supporter shareholder.
Viceroy’s first report on the Vedanta Group was published on July 10, the day before the Annual General Meeting of Vedanta LTD (AGM). The first report triggered a decline in the company’s shares, although the stocks were later recovered. In AGM, the shareholders rejected their beliefs in the company. Since the publication of the report, farewell shares La449.75 on Tuesday.
Viceroy announced a short position in the bonds of Vedanta Resources, the band’s unpretentious holding company, but said it was not exposed to Vedanta LTD or other farewell assets listed in India.
