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Informist, Friday, Jun. 5, 2026

 

MUMBAI – Rajesh Exports Ltd. Friday reiterated that it did not inflate its revenue and denied claims of wrongdoing made in the interim order of the Securities and Exchange Board of India. This is the company's third exchange filing in two days, in which it has denied the claims made in the SEBI order.

 

In the latest filing, the company said it plans to address all of the issues raised by SEBI. "The company is confident that SEBI will appreciate the submissions of the company and clear all the suspicions raised in the interim order," it said.

 

The company said it was debt-free and not dependent on outside financing for its operations. The company has never made any equity placement to any of the domestic institutions, it said. It has never raised money from the public, except for INR 100 million through its initial public offering in 1995.

 

"The huge revenues reported in the consolidated financials of the company are primarily from Valcambi, which is engaged in refining and the sale of gold bullion to major banks, central banks and other large bullion entities across the world. It is a globally accepted fact that Valcambi is the world's largest, finest and most reputed gold refinery", the company said. "Some of the media reports and social media postings with regard to scam, fraud, inflated revenues, placement of shares to LIC (Life Insurance Corp. of India Ltd.) are totally incorrect, out of place and speculative."

 

Wednesday, SEBI issued an interim order against Rajesh Exports and its promoter after finding that almost all of the company's revenues between 2020-21 (Apr-Mar) and 2025-26 were "misrepresented". SEBI also barred the company's promoter and Executive Chairman Rajesh Mehta from dealing in shares of the company.

 

On Friday, shares of Rajesh Exports hit the 5% lower circuit at INR 98.73 and were down nearly 10% since SEBI's order on Wednesday. For the March quarter, the company reported a consolidated net loss of INR 534.97 million on revenues of INR 2.37 trillion.  End

 

Reported by Prateem Rohanekar

Edited by Saji George Titus

 

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