Rajesh Exports Chairman Rajesh Mehta said the company had submitted 400 GB of documents to the Securities and Exchange Board of India and suggested the regulator may not have fully reviewed them before issuing its interim order alleging financial irregularities.
"Maybe they have not checked because of the bulkiness of the documents. We have sent 400 GB of documents," Mehta told NDTV Profit in his first detailed interview since the order.
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Mehta refuted SEBI's allegations of revenue inflation, arguing that the regulator's observations were based on a misunderstanding of the difference between revenue and gross profit.
He said the company had provided detailed explanations to the regulator and maintained that no adverse conclusion had been reached against Rajesh Exports.
Addressing the regulator's reference to Rs 15.5 lakh crore in revenue, Mehta said the figure represented cumulative revenue over five years and did not indicate any inflation of numbers by the company.
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When asked about SEBI's findings on transactions involving Affluence Shares and Stocks Pvt. Ltd., which the regulator said had been denied by the entity, Mehta said the clarification submitted by the company had not been properly considered.
"SEBI has not seen the clarification correctly. This trade is absolutely correct. It is spread over a period of four years with Affluence. We have shared information with SEBI about the same," he said.
"We have submitted every document with respect to Affluence to SEBI. No personal account was used for trading with Affluence."
"There is no question of misrepresentation. There is no purpose of overstating our revenue. We have explained everything to SEBI, without any doubt," he added.
Mehta also disputed suggestions that Rajesh Exports had changed its stated revenue figures, saying the standalone revenue was already included in the consolidated numbers reported by the company.
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