Vedanta Ltd told Reuters it had paid all dividends in full compliance with applicable laws, calling Viceroy’s allegations “baseless”.
It added that no SPF investigation was under way and it had not been contacted by Singapore police. Vedanta previously rejected separate earlier accusations made by Viceroy in July.
Allegations of boosted dividends
In an August 7 letter to the SPF, seen by Reuters, U.S.-based Viceroy alleged the company propped up its dividend by using a $900 million loan from Oaktree Capital Management.
Viceroy stated that its conclusions are primarily drawn from publicly available reports, forensic analyses of Vedanta Ltd's filings and site visits to its assets.
UK-based Vedanta Resources owns 56% of Vedanta Ltd, while the rest is held by institutional shareholders.
It also alleged that Vedanta Ltd's dividend policy serves its parent's financing needs, not its own cash flow, adding that billions of dollars in disputed expenses were hidden off its balance sheet.
Vedanta Ltd has been under pressure since India's government objected to a demerger plan into four separate entities launched by Chairman Anil Agarwal in 2023, after an unsuccessful attempt to take the group private three years earlier.
As part of the plan, Vedanta Resources said last year it would focus on cutting its debt pile, bringing net debt down by $1.2 billion to $11.1 billion in fiscal 2025 -REUTERS
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