Rajesh Exports Chairman Denies Allegations Following SEBI Order

Rajesh Exports Denies Allegations, Cites Interim Order as Unfounded

Rajesh Exports, a leading jewellery exporting firm, has responded to the interim order passed by the Securities and Exchange Board of India (SEBI) on June 3. The market regulator had alleged financial misrepresentation, fund-routing irregularities, and non-cooperation during an ongoing investigation against Rajesh Exports Ltd. (REL) and its chairman and managing director, Rajesh Mehta.

According to the interim order, SEBI alleged that REL misrepresented consolidated revenues aggregating to approximately Rs 15.15 lakh crore, representing 99.80 percent of the total consolidated revenue for the FY20-21 to FY24-25 period. The market watchdog also restrained Mehta from buying, selling, or dealing in Rajesh Exports Limited securities until further orders and directed a fresh forensic audit.

Rajesh Mehta, chairman and managing director at Rajesh Exports, has stated that there is no basis to SEBI's interim order, claiming that it is an interim order and nothing in it is true. The company is currently in the process of studying the order and will prepare a response.

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As a result of the interim order, shares of Rajesh Exports hit the lower circuit of 5 percent in early trade at Rs 103.92 on the National Stock Exchange (NSE).

Note: The table represents the alleged misrepresented revenue by Rajesh Exports Ltd. as per SEBI's interim order.