Rajesh Exports Refutes SEBI's Revenue Inflation Claims Amid Ongoing Investigation
Rajesh Exports dismisses SEBI allegations, says declared revenues are correct
Image: The Economic Times
Rajesh Exports Limited has denied allegations from the Securities and Exchange Board of India (SEBI) regarding inflated revenues, asserting that their reported figures are accurate. The company is cooperating with SEBI's investigation, which has temporarily restricted its promoter from trading in securities.
- 01Rajesh Exports claims its declared revenues are accurate, countering SEBI's allegations of inflation.
- 02SEBI's interim order suggests that 97-99% of the company's revenue may have been inflated, based on a forensic review.
- 03The order prohibits promoter Rajesh Mehta from trading in the company's securities until further notice.
- 04The investigation was initiated following a shareholder complaint regarding substantial trade receivables in the company's accounts.
- 05Rajesh Exports shares fell by 5% to ₹104.65 on the BSE following the SEBI announcement.
Advertisement
In-Article Ad
Rajesh Exports Limited has firmly rejected allegations from the Securities and Exchange Board of India (SEBI) concerning inflated revenue figures. In a statement, the company asserted that its declared revenues are accurate and that the SEBI order, which is interim, does not conclude any wrongdoing on their part. The allegations stem from a shareholder complaint filed in March 2024, which prompted SEBI to investigate and appoint BDO India Services as a forensic auditor. The interim order issued by SEBI claims that 97-99% of the company's revenue may have been inflated, labeling the findings as egregious. As a result, SEBI has restricted promoter Rajesh Mehta from trading in the company's securities and has mandated that Rajesh Exports fully cooperate with the ongoing investigation. Following the announcement, the company's shares hit a 5% lower circuit, closing at ₹104.65 on the Bombay Stock Exchange (BSE). Rajesh Exports is currently in the process of clarifying the situation to SEBI by submitting relevant documents.
Advertisement
In-Article Ad
The allegations and subsequent share price drop could affect investor confidence and market perception of Rajesh Exports.
Advertisement
In-Article Ad
Reader Poll
What do you think about the allegations against Rajesh Exports?
Connecting to poll...
More about Securities and Exchange Board of India
Read the original article
Visit the source for the complete story.






