Rajesh Exports

Rajesh Exports falls 5%, hits lower circuit for 2nd day after ED action

ED's action came against Rajesh Exports in the backdrop of Sebi's allegation of a massive financial fraud in the company.

Stocks to Watch today: Airtel, Adani Power, Vedanta, Rajesh Exports, IRFC

Stocks to watch today: Bharti Airtel, Adani Power, Vedanta, Rajesh Exports, HCLTech, IRFC, Swiggy, Bandhan Bank, Torrent Power, Hindustan Copper, Tata Steel, and others will be in focus today.

Rajesh Exports failed to produce foreign transaction records: ED

The Enforcement Directorate on Wednesday alleged that gold refining and jewellery manufacturing company Rajesh Exports' key business indicators showed "significant" departures from normal commercial practices, in addition to the non-availability of records related to foreign transactions. The federal agency issued a statement after conducting searches against the Bengaluru-based company and persons linked to it on June 23 for suspected contravention of the Foreign Exchange Management Act (FEMA). The ED identified at least five issues against Rajesh Exports Ltd (REL) and recovered various "incriminating" documents and digital devices during the searches. The company has not yet responded to a PTI query regarding the ED action. The stock exchanges have also sought clarification from the company. Founder and Chairman of the company, Rajesh Mehta, denied any fund diversion or wrongdoing during a recent interview with PTI. He had said that the company will fully cooperate with the fresh

BSE seeks clarification from Rajesh Exports on ED searches

The Bombay Stock Exchange (BSE) on Wednesday sought a clarification from gold jewellery firm Rajesh Exports Ltd over reports of searches conducted by the Enforcement Directorate (ED) at multiple locations linked to the Bengaluru-based company. The exchange's query came a day after the central agency searched nine premises connected to the firm under the provisions of the Foreign Exchange Management Act (FEMA). "The reply is awaited," Rajesh Exports said in a regulatory filing. The development marks a fresh escalation in the legal troubles surrounding the company, which is already facing allegations of a massive financial fraud levelled by the Securities and Exchange Board of India (Sebi). Rajesh Mehta, the company's Founder and Chairman, recently denied any fund diversion or wrongdoing in an interview with PTI. He said the firm would fully cooperate with the fresh forensic audit ordered by Sebi and would not challenge the market regulator's interim order against it.

ED searches Rajesh Exports amid Sebi probe into alleged irregularities

The Enforcement Directorate on Tuesday conducted searches against Rajesh Exports which is facing scrutiny from market regulator Sebi over alleged financial irregularities, official sources said. The action is understood to have been taken under the Foreign Exchange Management Act (FEMA) at the Bengaluru-headquartered company. Premises in Bengaluru and Mumbai linked to the company are being covered, they said. Rajesh Exports Ltd allegedly inflated its consolidated revenues by more than Rs 15 lakh crore over five years by attributing massive revenues to overseas subsidiaries, particularly Switzerland-based Valcambi SA, despite the subsidiary's audited standalone financial statements showing only a fraction of those amounts, according to an interim order by Sebi. The regulator has restrained the company's Chairman and Managing Director, Rajesh Mehta, from buying, selling or dealing in securities of Rajesh Exports, either directly or indirectly, until further orders. Rajesh Exports ha

CFOs accountable for balance sheet transparency: NFRA Chair Nitin Gupta

NFRA chief Nitin Gupta says CFOs must ensure transparent financial reporting, citing corporate frauds from Haridas Mundhra to Rajesh Exports

Explained: Rajesh Exports and the ₹15 trillion revenue question | SEBI | Share market news

Rajesh Exports is facing one of the biggest corporate investigations in India after Sebi questioned whether nearly ₹15.15 trillion of revenue reported through its overseas subsidiaries can be independ

Sebi mistook Valcambi's Editda as revenue; all records submitted: REL

Gold jewellery maker and exporter Rajesh Exports Ltd, currently under the regulator Sebi's scanner, on Wednesday said that of the several thousand clarifications sought by the regulator over the past two-and-a-half years, only nine remain unresolved - with the alleged Rs 15.15 lakh crore revenue inflation query being one of them. "All the other eight questions are minor. Even this ninth question is absolutely minor. SEBI has found certain things suspicious and needs more documents," said Rajesh Mehta, founder and Chairman of the company, told PTI in an interview. Sebi, in an interim order, held that Rajesh Exports inflated its consolidated revenues by Rs 15.15 lakh crore over FY21FY25 by attributing outsized revenues to overseas subsidiaries - particularly Switzerland-based Valcambi SA - despite the subsidiary's audited standalone financials showing only a fraction of those figures. The regulator flagged what it called a prima facie misrepresentation of the company's financial ...

Rajesh Exports says will cooperate with audit, won't challenge Sebi's order

Bengaluru-based gold jewellery firm Rajesh Exports Ltd, which is under regulator Sebi's scanner over suspected revenue inflation of up to Rs 15.15 lakh crore for the 2020-21 to 2024-25 period, on Wednesday said it will fully cooperate with the fresh forensic audit ordered by the market watchdog and not challenge the interim order. In an interview with PTI, company founder and chairman Rajesh Mehta denied allegations that Rajesh Exports Ltd (REL) had impeded the audit process and said the company had been forthcoming with investigators throughout. "I would never agree to the fact that certain relevant documents have not been submitted by us. We have submitted everything we were asked for. Sebi has not found something; maybe we have missed out on something. All that will be reconciled now," Mehta said. Sebi, in an interim order, has held that gold refiner and jewellery manufacturer REL allegedly inflated its consolidated revenues by Rs 15.15 lakh crore over five years by attributing .

Canara Bank's ₹509-crore Rajesh Exports exposure: All you need to know

The Rajesh Exports-Sebi case has renewed attention on Canara Bank's ₹509-crore exposure and the trade-finance transactions that linked the company to its Swiss subsidiary

'Sebi misread accounts': Rajesh Exports founder denies irregular fund flows

Rajesh Exports Chairman Rajesh Mehta on Tuesday denied any fund diversion in its subsidiary ACC Energy and promoter-controlled Elest Ltd, saying Sebi has not understood the accounting entries, even as the company faces potential removal from the Rs 18,100-crore ACC Production-Linked Incentive scheme. "First of all, the Sebi has made observations. That has to be put in the right place first. Point number two, there is zero diversion of funds. They have not understood the accounting entries," the Rajesh Exports founder told PTI. The company is ready to clarify, he added. The market regulator's June 3 interim order flagged a circular fund-routing scheme involving ACC Energy Storage and promoter-controlled Elest Pvt Ltd. After Elest acquired 49 per cent of ACC Energy in January 2025, it gave Rs 147 crore to the subsidiary, which returned Rs 112 crore on the same day. ACC Energy Storage also invested Rs 262 crore in Elest without disclosing valuation details. The company's MD and CFO ..

Don't even know where LIC's office is, says Rajesh Exports chief

With Rajesh Exports facing regulatory pressure and concerns about LIC's exposure to the beleaguered gold jewellery firm, Chairman Rajesh Mehta has distanced himself from the insurer's investment decisions, arguing that ordinary retail shareholders stand to gain regardless of how the situation plays out. "LIC has not purchased the shares yesterday or last year. LIC's purchases are over a period of time, approximately 20 years. These shares have been taken by LIC from the open market, from the stock market," Mehta told PTI in an interview. Currently, LIC holds a 10.80 per cent stake in Rajesh Exports. Mehta was categorical that neither he nor other promoters had any role in LIC's accumulation of the stock. "No promoter has ever sold his shares to LIC. The company has never made any placement to LIC. By the buying of shares by LIC, the company or the promoters have never benefited in any manner," he said. Mehta said the company had no relationship with or knowledge of LIC's investmen

Rajesh Exports may get dropped from PLI scheme, final decision in days

The Ministry of Heavy Industries (MHI) is set to decide in the coming days on removing Rajesh Exports from the list of beneficiaries under the production-linked incentive (PLI) scheme for advanced chemistry cell (ACC) battery storage, after the SEBI last week passed an interim order alleging massive financial fraud by the Bengaluru-based firm. Sources in the ministry told PTI that there is a "strong view" within the department that the company should be dropped from the scheme. The matter will be placed before Minister of Heavy Industries H D Kumaraswamy, who has returned from an official trip to Kyrgyzstan. "A final call will be taken in the coming days," a source said. In a 109-page ex parte interim order dated June 3, SEBI alleged that Rajesh Exports - primarily a gold jewellery manufacturer and exporter - inflated revenues by Rs 15.15 lakh crore between FY21 and FY25, amounting to approximately 99.8 per cent of the revenues attributed to its subsidiaries over the period being ..

LIC's Rajesh Exports stake under scrutiny after Sebi's interim order

Gold refiner shares 400 GB of data with regulator

Rajesh Exports says 400 GB data shared with Sebi amid accounting row

Shares hit lower circuit after Sebi's interim order, while LIC's continued holding in the company comes under scrutiny amid governance concerns

How a shareholder's complaint led Sebi to Rajesh Exports' ₹15 trn puzzle

A shareholder's complaint about unpaid receivables triggered a two-year investigation that led Sebi to question revenues, disclosures and overseas operations at Rajesh Exports

Rajesh Exports cites 'communication gap' with Sebi, says revenues correct

A day after Sebi's interim order raised questions over revenue misreporting, Rajesh Exports said the issue stemmed from a 'communication gap' and maintained its revenues were correctly reported

Rajesh Exports: Analysts flag confidence crisis for LIC, FPIs, retail investors

Life Insurance Corporation of India (LIC) and foreign portfolio investors (FPIs) collectively hold a 25 per cent stake in Rajesh Exports, data shows.

Rajesh Exports shockwave hits LIC stock post Sebi crackdown; analyst weighs

LIC stake in Rajesh Exports: LIC shares traded under pressure today following developments related to Rajesh Exports, in which the insurer holds a 10.8 per cent stake.

LIC to remain range-bound as Rajesh Exports' developments unfold: Analysts

LIC holds 10.8% stake in Rajesh Exports; Market expert Ajit Mishra of Religare Broking expects LIC to consolidate in the near-term, with charts indicating support at ₹385 levels.