Home / Business and Economy / Sebi Bars Rajesh Exports, Promoter Over Financial Woes
Sebi Bars Rajesh Exports, Promoter Over Financial Woes
15 Oct
Summary
- Sebi imposed interim restrictions on Rajesh Exports and its promoter.
- Allegations include financial misrepresentation in consolidated revenue.
- Company and promoter failed to rebut preliminary findings adequately.
The Securities and Exchange Board of India (Sebi) has confirmed interim restrictions against Rajesh Exports and its promoter, Rajesh Mehta. These measures stem from allegations of financial misrepresentation concerning the company's consolidated revenue figures. Sebi also cited concerns regarding the routing of company funds through personal bank accounts.
The regulator raised significant questions about Rajesh Exports' reported consolidated revenue of ₹15.4 lakh crore for the fiscal years 2021-2025. This figure was found to be substantially higher than the ₹3,027.3 crore in standalone revenue reported by Valcambi SA, the company's Swiss subsidiary, over the same five-year period.
Despite being given a chance to present their case, both Rajesh Exports and Rajesh Mehta were unable to adequately refute Sebi's preliminary findings. Consequently, Rajesh Mehta remains barred from trading Rajesh Exports shares as the interim restrictions continue.
