Earlier this week, US short seller Viceroy Research alleged that Vedanta Resources is "systematically draining" Vedanta Ltd and Hindustan Zinc via dividend payouts, a charge which the group called as "selective misinformation and baseless" aimed at discrediting it. On HZL, JP Morgan's note said that the Indian government has retained and maintained three board seats at HZL since its divestment in the early 2000s. Further, there have bene instances when the government-nominated directors acted to prevent transactions that they consider will not be beneficial to HZL or its stakeholders. The government currently owns 27.92% stake in HZL while Vedanta Ltd owns 61.84%. "We believe the GoI (government of India) retains oversight of major decisions, including capex plans," the note added.