New Delhi, June 8 -- Bengaluru-based Rajesh Exports Ltd (REL) and its crucial Singapore subsidiary gave contradictory statements to regulators in the two countries, a Mint review of documents showed, blurring the actual finances of overseas units that account for nearly all of its consolidated revenues. These statements are at the core of the charges of financial misreporting and revenue inflation that the Securities and Exchange Board of India (Sebi) has levelled against the company in its 3 June interim order.

According to the 3 June interim order, Rajesh Exports claimed it could not disclose the standalone financial statements of all its overseas subsidiaries, since the Singapore subsidiary-REL Singapore Pte Ltd-had consolidated and s...