Overview
- SEBI issued a 109‑page interim ex‑parte order on Wednesday that alleges about Rs 15.15 lakh crore of consolidated revenues were misrepresented and has restrained Rajesh Exports and chairman Rajesh Mehta from market dealings.
- The regulator says forensic investigators could not verify large portions of transactions because key records, ERP access and supporting documents were incomplete or not provided.
- SEBI flagged that roughly 97–99% of consolidated revenue was booked through overseas subsidiaries, notably Switzerland’s Valcambi, whose standalone audited figures appeared far smaller than the group totals.
- The order alleges related‑party fund‑routing problems including transfers to the promoter’s personal accounts and entries linked to his derivative trades while Rajesh Exports rejects the findings and says it is supplying documents to SEBI.
- Regulatory next steps include a fresh forensic audit by BDO and a referral of statutory auditors’ conduct to the National Financial Reporting Authority with the probe expected to take months and keep the stock under pressure