Particle.news
Download on the App Store
6 ARTICLES
·
2mo ago

SEBI Says Rajesh Exports Inflated Rs 15.15 Lakh Crore of Revenue as Government Weighs PLI Exit

Removing the company from the ACC battery PLI would cut its access to major manufacturing incentives.

Image
Image
He asserted that both the company and its promoters were completely debt-free and had not pledged shares anywhere in the world over the past four decades.
Rajesh Exports may be removed from PLI scheme after SEBI flags ₹15.15 lakh crore fraud

Overview

  • In a June 3 ex parte interim order, the Securities and Exchange Board of India said Rajesh Exports overstated about Rs 15.15 lakh crore of revenue for FY21–FY25 and that nearly 99.8% of subsidiary revenues in that period were materially misrepresented.
  • SEBI has barred promoter and chairman Rajesh Mehta from trading in the company's securities and ordered a fresh forensic audit of Rajesh Exports’ books as part of ongoing enforcement proceedings.
  • The regulator flagged opaque related-party transactions and alleged fund diversion involving two entities tied to the company’s lithium-ion cell business, Elest Pvt Ltd and ACC Energy Storage Pvt Ltd, and said key accounting records and supporting documents were not produced for verification.
  • The Ministry of Heavy Industries is reviewing SEBI’s order and, according to ministry sources, holds a strong view that Rajesh Exports should be removed from the PLI list for advanced chemistry cell batteries with a decision expected in the coming days.
  • If removed, the company would lose eligibility for production-linked incentives that support domestic battery manufacturing, which could hit its project economics, investor confidence and ongoing efforts to scale a new battery business while broader regulatory and forensic work continues.