Rajesh Exports faces MCA probe, set to lose ₹18,100 cr battery PLI status after SEBI flags revenue overstatement
India's largest jewellery exporter likely stripped of ACC battery PLI beneficiary status (5 GWh) as MCA launches probe following SEBI interim order citing 97-99% revenue overstatement. Promoter Rajesh Mehta barred from securities dealings.
What happened
Rajesh Exports, India's major jewellery exporter, likely to lose battery PLI beneficiary status and face MCA probe after SEBI's interim order flagged 97-99%
Key facts
- ₹18,100 crore PLI
- 5 GWh capacity
- 97-99% revenue overstatement
Why this matters
Rajesh Exports' likely PLI disqualification reopens 5 GWh of ACC battery capacity allocation, creating a near-term M&A or rebid opportunity for credible energy-storage players ready to step in with clean balance sheets and execution track records.