SEBI bars Rajesh Exports, Chairman over Rs 15.15 lakh crore alleged revenue misrepresentation
SEBI's interim order restrains Rajesh Exports and Chairman Rajesh Mehta from securities markets, citing alleged revenue misrepresentation through Swiss subsidiary Valcambi across FY21-FY25. Mehta denies wrongdoing and distances the firm from LIC's 10.8% stake. Stock fell 5% to Rs 89.80, down 52.3% in six months.
What happened
SEBI's interim order bars jewellery maker Rajesh Exports and Chairman Rajesh Mehta from securities markets, alleging Rs 15.15 lakh crore revenue
Key facts
- 10.80% LIC stake
- Rs 15.15 lakh crore alleged misrepresentation
- 97-99% revenue from overseas subsidiaries
- stock down 5% to Rs 89.80
- 52.30% six-month decline
Why this matters
Distressed jewellery and bullion assets may surface as Rajesh Exports' leadership ban pressures the balance sheet—monitor for forced divestitures of Valcambi or domestic retail units at discount valuations.