"VSPL's operational illusion needs 24 months of regulatory silence to fulfil its purpose, repaying its offshore lenders and hiding the near-catastrophe of April 2024. While credit analysts are snoozing through the alarm bells, India's regulators are famously light sleepers." In April 2024, Vedanta Limited (VEDL) faced a severe liquidity crisis. "In response, VEDL reactivated VSPL, not as a semiconductor venture, but as a zero-margin trading entity, whose operations appear to consist entirely of paper-based commodity trading." "VSPL tapped offshore lenders for a short-term, INR-denominated, 10 per cent NCDs secured by VEDL's stake in HZL (equivalent to 1 per cent of outstanding shares). VSPL then began trading commodities (copper, silver, gold) on a zero-margin basis reminiscent of wash trading," Viceroy alleged.