After being hit with an interim order by the Securities and Exchanges Board of India (SEBI) Rajesh Exports Ltd. has categorically denied the findings of the market regulator, stating that there was no overstating of revenues. The company has further cited a 'communication gap' with SEBI, in an exchange filing on Thursday.
In a filing to the BSE and NSE, the gold jewellery maker confirmed and acknowledged the interim order it received from the SEBI, whose findings had stated that the company had misrepresented revenue worth around Rs 15.15 lakh crore.
"There seems to be some type of communication gap and confusion between SEBI and the company," the company said.
"The revenues declared by the company are correct and there is no over stating of revenues," it added.
The company stressed that the order was preliminary in nature.
"The order is interim and there has been no any adverse conclusion on any aspect arrived by SEBI," it said.
The clarification from Rajesh Exports comes on the back of Chairman and Managing Director Rajesh Mehta's message to NDTV Profit, where he had clarified the same.
In the exchange filing, Rajesh Exports said it was in the process of submitting all required and relevant documents to the regulator, and was confident SEBI would "arrive at the correct conclusion based on the authenticated documents."
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