SEBI questions 99% of rajesh exports' reported revenue over 5 fiscal years
MUMBAI, June 4 -- The Securities and Exchange Board of India (Sebi) has alleged that Rajesh Exports Ltd misrepresented about Rs.15.15 lakh crore, or 99.8% of the revenue attributed to its subsidiaries over five financial years, raising serious questions over the accuracy of the jewellery maker's financial statements.
In a 109-page interim order issued on Wednesday, the regulator said its prima facie findings indicate that Rajesh Exports overstated and misrepresented the group's operational scale and financial performance between FY21 and FY25.
The findings centre on the group's overseas structure, including Switzerland-based Valcambi SA, which Rajesh Exports had described as its principal operating entity. About 97-99% of the company's cons...
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