Wow they actually visited the site, used drones, interviewed locals, and pulled public filings. If even half of this is accurate, the $70m valuation is fantasy, and the $15m rehab provision is laughable.
Its a ticking time bomb. Too risky.
The promoters have been draining the company’s reserves for the past few years in the name of dividends with unsustainable dividend payout ratio.
Shakti Bhatia Vs Union of India
I remembered there were a few PILs for the Adani case. The petitioner is pushing SEBI and RBI to speed up carrying out investigations. Good to see that he is protecting investors interests!
Thanks for sharing! They posted this today:
I didn’t understand the full legal terms for PIL but it is explained:
The petitioner is asking the court to order SEBI, RBI, and the MCA to investigate the findings of Viceroy’s reports on Vedanta Resources Limited (VRL), the UK domiciled parent of Vedanta Limited (VEDL).
If admitted, the Court can monitor the process, set deadlines, and force public disclosure of investigative
results. This is material for bondholders because PIL-driven cases have historically triggered court-supervised probes, license cancellations, and sweeping regulatory actions.
Vedanta PIL, other companies like IL&FS, Indiabulls, NSEL had these in the past… all started with court-driven investigations and ended with frozen assets, regulator pile-ons, and years of fallout. If this gets admitted, it’s not just Vedanta’s problem anymore.
Just look at Adani earlier in 2023, the biggest dropped during that PIL period of time was 45%!