Mumbai, July 15 -- Less than a week after publishing a critical report on Anil Agarwal's Vedanta Resources Ltd, US short-seller Viceroy Research has followed up with fresh allegations-this time accusing Vedanta Ltd's promoters of holding an undisclosed stake through a welfare trust.

The entity under scrutiny is PTC Cables Pvt. Ltd (PTCC), which holds a 1.91% stake in Vedanta Ltd, a company with a market capitalization of Rs.1.75 trillion, according to BSE data. PTCC is owned by Bhadram Janhit Shalika Trust (BJST), which Viceroy alleges is controlled by the Agarwal family, founders of the Vedanta Group.

According to the report, PTCC received Rs.1,500 crore in dividend income from Vedanta over the past five years, and the capital was "upc...