Mumbai, June 4 -- The interim order stems from an investigation initiated following a shareholder complaint concerning the company's financial reporting practices. SEBI appointed an investigating authority in October 2024 and subsequently engaged forensic auditor BDO to conduct an independent review of the company's books and records.

According to SEBI's preliminary observations, overseas subsidiaries, particularly the company's Swiss refining subsidiary Valcambi, accounted for approximately 97-99% of consolidated revenue during the review period.

However, the regulator noted a significant divergence between revenues reported by Valcambi and the sales figures disclosed in the group's consolidated financial statements. SEBI estimates the...