The findings of Securities and Exchange Board of India on Rajesh Exports has been the biggest talking point in Dalal Street this week, with the market regulator alleging that the company misrepresented Rs 15.15 lakh crore in revenue between FY21 and FY25.
Now, Rajesh Exports Chairman and Managing Director Rajesh Mehta has broken his silence on the market regulator's sweeping order against the company, telling NDTV Profit that the findings are inaccurate and that a detailed response is on the way.
"It is an interim order, findings (are) not accurate," Mehta told NDTV Profit. "We are going through the findings and will share a detailed statement within an hour," he said.
This comes back on the back SEBI report, which has alleged that the gold jewellery maker misrepresented about Rs 15.15 lakh crore in revenue between fiscal 2020-21 and 2024-25, largely through overseas subsidiaries whose financials were not publicly disclosed.
SEBI also flagged alleged fund diversion to Mehta's personal accounts and estimated shareholder wealth erosion of Rs 12,726 crore.
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