Mumbai/Bengaluru, June 6 -- Years before the Securities and Exchange Board of India (Sebi) flagged alleged revenue inflation at Rajesh Exports Ltd through transactions with its subsidiaries, the company's largest shareholder, Life Insurance Corp. of India (LIC), had repeatedly raised concerns over its financial statements, citing issues such as lack of transparency, inadequate disclosures and incorrect classification of interest income.

Mint's analysis of LIC's voting disclosures shows that the state-run insurer, which owns 10.8% of Rajesh Exports, voted against 17 of the 23 shareholder resolutions between December 2021 and December 2026. India's largest institutional investor had first raised concern over the company's accounting practi...