New Delhi, June 5 -- The market regulator's interim order against Rajesh Exports has raised fresh questions about the future of the company's battery manufacturing project under the Centre's Rs.18,100-crore production-linked incentive scheme for advanced chemistry cells (PLI ACC).

In a 109 page ex-parte interim order released on Wednesday evening, the Securities and Exchange Board of India (Sebi) alleged fund diversion, non-transparent related-party arrangements, and disclosure deficiencies involving two entities-Elest Pvt. Ltd and ACC Energy Storage Pvt. Ltd-connected to the company's lithium-ion cell business.

One of these companies-ACC Energy Storage-is the vehicle through which Rajesh Exports had proposed to execute its battery manu...