Rajesh Exports rebuts SEBI: regulator mistook Valcambi's EBITDA for revenue in ₹15.15 tn inflation claim
Chairman Rajesh Mehta says SEBI's interim order misread Swiss refiner Valcambi's EBITDA as revenue, inflating the alleged figure to ₹15.15 trillion. Defends ₹338.90 cr promoter transfers and ₹11,400 cr Affluence flows as documented commercial activity; flags 9 unresolved queries.
What happened
Rajesh Exports chairman Rajesh Mehta defends company against SEBI's interim order alleging ₹15.15 trillion revenue inflation, claiming regulator mistook Swiss
Key facts
- ₹15.15 trillion revenue inflation alleged
- 9 unresolved queries
- 97-99% consolidated revenue from Valcambi
- 900 tonnes precious metals/year
- 600 tonnes outright sale
- ₹338.90 crore promoter transfers
- ₹232.4 crore returned
- ₹11,400 crore Affluence transactions
- ₹147 crore same-day return
- ₹262 crore investment
- ₹565 crore to Elest
- ₹1.2 lakh annual remuneration
Why this matters
The Valcambi EBITDA-as-revenue dispute signals heightened SEBI scrutiny of cross-border refiner flows, raising diligence costs and disclosure expectations for any India-listed entity with Swiss bullion subsidiaries.
Also reported by
- Business Standard · Companies — 12h after first sighting