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The Wire
10-07-2025
- Business
- The Wire
Vedanta Shares Dip as US Short-Seller Viceroy Research's Report Flags Parasitic Structure
Business Vedanta Group described the Viceroy report as 'a malicious combination of selective misinformation and baseless allegations.' In this screengrab from a video posted by @narendramodi via X on May 23, 2025, Founder and Chairman of Vedanta Resources Limited Anil Agarwal addresses the Rising Northeast Investors Summit 2025, in New Delhi. Photo: Via PTI. New Delhi: While Vedanta Group has claimed that the US short-seller Viceroy Research's report flagging the companies' "unsustainable debt" is "malicious" and rests on "misinformation", shares of Vedanta Limited plunged by 8.7 per cent to Rs 421 intraday on the back of the allegations. Vedanta Resources Limited is a globally diversified natural resources company owned by Indian billionaire Anil Agarwal. Viceroy Research LLC are an investigative financial research group registered in Delaware, USA. The group's website claims that its research reports are prepared for educational purposes only and expresses authors' opinions. On Vedanta, the group wrote: "The entire group structure is financially unsustainable, operationally compromised, and poses a severe, under-appreciated risk to creditors." The 87-page report released on July 9 claims that Vedanta Resources Limited (VRL) is a 'parasite' holding company "with no significant operations of its own, propped up entirely by cash extracted from its dying 'host', Vedanta Limited (VEDL)." It wrote: "To service its own debt burden, VRL is systematically draining VEDL, forcing the operating company to take on ever-increasing leverage and deplete its cash reserves. This looting erodes the fundamental value of VEDL, which constitutes the primary collateral for VRL's own creditors." It further says that VRL's actions to meet its short-term obligations directly impair its creditors' long-term ability to recover their principal, and describes the situation as one that "resembles a Ponzi scheme where VEDL stakeholders, which include VRL creditors, are the 'suckers'." In a media statement quoted by the Indian Express, the Vedanta Group described the Viceroy report as 'a malicious combination of selective misinformation and baseless allegations,' issued with the sole objective of creating false propaganda, and 'without making any attempt to contact' the Group. 'It only contains compilation of various information — which is already in the public domain, but the authors have tried to sensationalise the context to profiteer from market reaction. The timing of the Report is suspect and could be to undermine the forthcoming corporate initiatives,' the Vedanta statement said. As per the data from stock exchanges reported on by Business Standard, the promoter holding via various companies in Vedanta is 56.38% as of March. It is to be noted that most of the shares held by the promoters are pledged to their creditors. The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.
Indian Express
04-06-2025
- Business
- Indian Express
Numbers back story of a ‘rising Northeast', but Centre must address structural challenges
Prime Minister Narendra Modi delivered a compelling valedictory address at the Rising Northeast Investors Summit in New Delhi on May 23. He painted a vibrant picture of Northeast India as a cornerstone of the nation's development. His address, rich with optimism and vision, underscored the region's transformation from a historically neglected 'frontier' to a dynamic 'frontrunner' in India's growth narrative. The Northeast, often stereotyped as a region marred by conflict and isolation, is now being reimagined as a hub of opportunity, diversity and connectivity. This shift is not just a policy pivot but a testament to India's evolving national identity. The PM's speech highlighted the Northeast's unique diversity, describing it as 'the most diverse part of our diverse nation.' From its rich tapestry of cultures, languages, and traditions to its strategic geopolitical position as India's gateway to Southeast Asia, the region holds immense potential. The PM emphasised sectors like tourism, agro-food processing, textiles, and information technology as key drivers of growth, signalling a shift from the region's past association with insurgency to one of opportunity and innovation. The planned infrastructural development, such as the redevelopment of 103 railway stations under the Amrit Bharat Station Scheme and the initiation of tunnel projects, reflects the government's commitment to connectivity and economic integration. These efforts align with the government's broader vision of transforming the Northeast into a hub for trade, tourism and technology, positioning it as a vital link in India's Act East Policy. The narrative of a 'rising Northeast' is certainly compelling and is backed by statistics. Over the past decade, the region has seen significant investments in infrastructure, with projects worth over Rs 26,000 crore recently launched in states like Rajasthan and the Northeast. Improved connectivity — roads, railways, and digital infrastructure — has reduced the region's isolation, fostering economic activity and cultural exchange. The Northeast's youth, once deprived of opportunities due to conflict, are now being empowered through initiatives like the Khelo India Youth Games, highlighted by the government as a platform for showcasing talent. The region's natural beauty, from Sikkim's pristine landscapes to Meghalaya's eco-sustainability, is being leveraged to boost tourism, a sector with untapped potential to drive local economies. Yet, this optimistic narrative invites scrutiny in the overall context of the challenges faced by the region. The modern history of the Northeast is shaped by the dynamics of frontier-related issues like migration and settlement, resource extraction, ethnic divisions clashing with state boundaries, and geopolitics. Owing to these characteristics, the political trajectory of the region has been different from the rest of the country. Ethnic militias and armed groups have flourished for decades, in tandem with democratic institutions. The region has had some of India's highest voter turnout rates, but special security laws since the 1950s have produced democratic challenges and bred alienation. The government's push for infrastructure, while transformative, must address the region's environmental sustainability issues. Large-scale projects risk alienating local communities if not paired with inclusive policies that prioritise indigenous voices. Moreover, the narrative of the Northeast as a 'frontrunner' raises questions about equitable growth. While urban centres like Guwahati and Shillong may benefit from investment summits, rural and remote areas often remain on the periphery. The digital divide, for instance, limits the reach of IT-driven growth in rural tribal areas. The strategic importance of the Northeast cannot be overstated, especially in the context of India's geopolitical ambitions. The region's proximity to China, Myanmar, and Bangladesh makes it a critical buffer and a gateway for trade under the Act East Policy. However, this strategic positioning also brings security challenges, as seen in the region from time to time. In the interests of national security, militarisation in the region must be balanced with diplomacy and development to avoid alienating local populations, who have long felt caught between state and insurgent forces. To make the Northeast a true frontrunner, the government must adopt a dual approach: Amplify its success stories while addressing structural challenges. Community-driven development, where local stakeholders have a say in projects, can ensure that growth is inclusive. Development initiatives need to be based on local aspirations. Most importantly, involving stakeholders at the grassroots level from the inception stages of development projects will ensure satisfaction and success. There cannot be a 'one-size-fits-all' approach for the entire region; the solutions have to be conditioned to the local flavour. Most crucial will be the pace and nature of development, and its acceptability to the local population. In order to achieve tangible outcomes, the intangibles are often traded off. The Centre should not have any inhibitions in engaging the grassroots through the existing structure of governance that is guaranteed under the provisions of the Sixth Schedule of the Constitution. And this engagement should cover the entire spectrum of issues like identity, ethnicity, migration and development, among other concerns. In a nutshell, it falls upon the government to ensure that no section in the region is left behind in the vision of a rising Northeast. Neeraj Singh Manhas is special advisor for South Asia at the Parley Policy Initiative, Republic of Korea and a non-resident visiting senior scholar at the Centre for National Security Studies, MS Ramaiah University, Bengaluru. Colonel Shashank Ranjan is an Indian Army veteran, currently teaching at OP Jindal Global University, Sonipat, Haryana
India Gazette
30-05-2025
- Business
- India Gazette
Tripura farmers to benefit from AI and Drone Tech: CM Manik Saha
Agartala (Tripura) [India], May 30 (ANI): Tripura Chief Minister Manik Saha has said that the primary goal of his government is to achieve food self-sufficiency through the use of advanced technology. 'The state government is working with special emphasis on increasing the income of farmers. Farmers' income has increased significantly compared to the financial year 2015-16. The aim is to achieve food self-sufficiency through the use of advanced technology,' he said. Saha was speaking at the Vikshit Krishi Sankalp Abhiyan held at Bishramganj in Sepahijala district on Thursday, organised as part of a nationwide campaign. He was accompanied by Agriculture and Farmers Welfare Minister Ratan Lal Nath. 'This campaign has been launched with the objective of empowering farmers through advanced technology. The government is committed to ensuring the welfare of farmers through technological advancement. Prime Minister Narendra Modi has given special emphasis on financially empowering farmers, and our state government is working in the same direction,' the Chief Minister said. 'One of the key goals of this Abhiyan is to raise awareness among farmers about modern agricultural technologies. As a result, the agricultural sector will witness further improvement, enabling the cultivation of high-quality crops,' he added. Saha also highlighted the Rising Northeast Investors Summit held recently in New Delhi, where all eight northeastern states participated. 'MoUs worth Rs 30,000 crore were signed at the summit, out of which Tripura alone accounted for over Rs 15,600 crore. This clearly shows that investors are now willing to come to Tripura,' he stated. He asserted that the development of farmers is essential for the overall progress of the state and the country. 'In various districts across the state, farmers are being supported through the adoption of advanced technologies, including artificial intelligence (AI) and drone technology. Work is in progress in collaboration with NITI Aayog and the Union Ministry of Agriculture to improve the AI-based crop advisory system under the Digital Agriculture Mission in Tripura. This initiative has already yielded notable benefits,' the Chief Minister said. He further noted that since the BJP government came to power in Tripura, paddy has been procured from farmers at the minimum support price (MSP). 'Over Rs 446 crore has been disbursed so far, with paddy being purchased at Rs 23 per kilogram. Soil Health Cards have been distributed to more than 2.06 lakh farmers, and one Farmer Producer Organisation (FPO) has been formed in each of the 58 blocks,' he informed. The program was attended by Sepahijala Zilla Parishad Sabhadhipati Supriya Das Dutta, Agriculture Department Secretary Apurba Roy, Sepahijala District Magistrate Siddharth Shiv Jaiswal, and other senior officials. (ANI)
The Wire
27-05-2025
- Politics
- The Wire
Manipur Governor Forced to Fly 7 Kms as Protestors Block Road
Menu हिंदी తెలుగు اردو Home Politics Economy World Security Law Science Society Culture Editor's Pick Opinion Support independent journalism. Donate Now Government Manipur Governor Forced to Fly 7 Kms as Protestors Block Road The Wire Staff 17 minutes ago To avoid the protestors, he boarded an Army chopper after landing in Manipur, which took him to the helipad at the historic Kangla fort complex situated opposite the Raj Bhawan. Women stage a protest demanding an apology from Manipur Governor Ajay Kumar Bhalla over the alleged removal of 'Manipur' signage from a state government bus. Photo: PTI Real journalism holds power accountable Since 2015, The Wire has done just that. But we can continue only with your support. Contribute now New Delhi: Manipur governor Ajay Bhalla was forced to take a chopper ride from the airport to reach the Raj Bhawan on Monday (May 26) in light of protestors camping along the 7-km stretch. The protestors had formed a human chain between Imphal's Tulihal Airport's departure gate and the Keishampat Junction near the Raj Bhavan. People carried placards with slogans like 'Manipur's identity is non-negotiable' as they waited for the governor's convoy to pass. Bhalla was returning from New Delhi after attending the Rising Northeast Investors Summit. To avoid the protestors, he boarded an Army chopper after landing in Manipur, which took him to the helipad at the historic Kangla fort complex situated opposite the Raj Bhawan. From the fort, the governor was driven about 300 metres to the Raj Bhavan amid heightened security, the Hindu reported. Protest over bus name Coordinating Committee on Manipur Integrity (COCOMI), a Meitei organisation, announced mass protests, rallies, torch processions, and sit-ins against the bid to 'undermine the identity of Manipur, its name, pride, and respect'. COCOMI was referring to a May 20 incident when security personnel had asked a media team and state officials to hide 'Manipur State Transport' written on the bus that was carrying them to the Naga-dominated Ukhrul to cover the Shirui Lily Festival. COCOMI has demanded an apology from the governor over the incident. They also demanded the resignation of chief secretary P.K. Singh, security advisor Kuldiep Singh and director-general of police Rajiv Singh over the incident which 'undermined the identity of Manipur, its name, pride and respect'. President's rule questioned Congress leader Jairam Ramesh questioned the situation in the state citing the short helicopter ride. 'President's Rule appears to have made no difference whatsoever in Manipur. Today, the Governor had to take a helicopter from the airport in Imphal to Kangla Fort in order to reach his residence,' he said. 'Meanwhile, the Prime Minister is busy giving filmi dialogues in different parts of the country and politicising Operation Sindoor while continuing to ignore Manipur. The Union Home Minister has failed most miserably and should resign for his total failure to bring a semblance of normalcy in Manipur, which he has been managing,' he added. Manipur has been under the President's rule since February 13 after Biren Singh stepped down as chief minister nearly two years after an ethnic conflict between the Kuki and Meitei communities erupted in the state. Both communities had called for Singh's resignation, holding him responsible for the ongoing ethnic violence that began on May 3, 2023. The conflict – ongoing since May 3, 2023 – has led to the deaths of over 200 people, the displacement of tens of thousands and the effective bifurcation of the state along ethnic lines. Make a contribution to Independent Journalism Related News At Least Seven Injured in Manipur After Security Forces Fire Tear Gas to Stop March to Raj Bhavan How the Arambai Tenggol Has Escaped a Ban and Charges of Separatism Despite Being Armed No Closure, Information or Compensation, Manipur Families Mourn Their Missing Myanmar's NUG Seeks Clarity from India on Border Operation That Killed 10 'Situation Unlike Mizoram, Manipur': Nagaland Govt Urges Home Ministry to Revoke PAP Order No Need to Protect Those Involved in Wrongdoing, Says SC in Manipur Tapes Hearing Two Years of Fire and Silence: Manipur in Pictures Two Years of Violence: Manipur's Future is Still Uncertain After Two Years of Violence, People in Manipur's Relief Camps Ask Modi to Let Them Feel Like Indians View in Desktop Mode About Us Contact Us Support Us © Copyright. All Rights Reserved.
The Hindu
26-05-2025
- Politics
- The Hindu
Manipur Governor avoids protestors, travels 7 km in chopper
Protestors seeking an apology from Manipur Governor Ajay Kumar Bhalla made him travel about 7 km in a chopper to reach the Raj Bhavan from Imphal's Tulihal Airport on Monday (May 26, 2025). Hundreds of protestors had formed a human chain from the airport's departure gate to the Keishampat Junction near the Raj Bhavan, holding placards displaying slogans such as 'Manipur's identity is non-negotiable'. Straight as an arrow, the airport road bends slightly off the main entrance to the Raj Bhavan opposite the historic Kangla Fort, the central part of Imphal. After landing at the airport during the day from New Delhi, where he attended the Rising Northeast Investors Summit, the Governor boarded an Army chopper to avoid the protestors. The chopper touched down at a helipad in the Kangla Fort complex. From the helipad, the Governor was driven about 300 metres to the Raj Bhavan amid heightened security. The Governor has been administering Manipur since the President's Rule was imposed on February 13, days after Nongthombam Biren Singh resigned as the Chief Minister. Congress alluded to his short-distance chopper trip to underline the situation in the conflict-scarred State. 'President's Rule appears to have made no difference whatsoever in Manipur. Today, the Governor had to take a helicopter from the airport in Imphal to Kangla Fort in order to reach his residence,' senior Congress leader Jairam Ramesh said. 'Meanwhile, the Prime Minister is busy giving filmi dialogues in different parts of the country and politicising Operation Sindoor while continuing to ignore Manipur. The Union Home Minister has failed most miserably and should resign for his total failure to bring a semblance of normalcy in Manipur, which he has been managing,' he added. On Sunday, the Meitei organisation Coordinating Committee on Manipur Integrity (COCOMI) announced mass protests, rallies, torch processions, and sit-ins against the bid to 'undermine the identity of Manipur, its name, pride, and respect'. This was in reference to security personnel allegedly making members of a media team and State officials mask 'Manipur State Transport' on a bus carrying them to the Naga-dominated Ukhrul to cover the Shirui Lily Festival on May 20. The government ordered an investigation into the incident, but the COCOMI was adamant about an apology from the Governor for the bus incident. The organisation also demanded the resignation of Chief Secretary P.K. Singh, Security Advisor Kuldiep Singh and Director-General of Police Rajiv Singh, holding them responsible for the incident which 'undermined the identity of Manipur, its name, pride and respect'. A COCOMI team is expected to attend a meeting in New Delhi on Tuesday with officials of the Ministry of Home Affairs to find a way out of the crisis in Manipur.
