SEBI bars Rajesh Exports promoter, alleges ₹15.15 lakh cr revenue misrepresentation via Swiss arm Valcambi
Interim order against promoter Rajesh Mehta cites 97-99% of FY21-FY25 revenues routed through overseas subsidiary Valcambi, with ₹11,487 cr in disputed sales and ₹7.4 cr in personal transfers. Forensic audit ordered; stock hit 5% lower circuit at ₹103.92, down 80% over three years. LIC holds 10.8%.
What happened
SEBI's interim order bars Rajesh Exports promoter Rajesh Mehta from securities markets, alleging ₹15.15 lakh crore revenue misrepresentation across FY21-FY25
Key facts
- ₹15.15 lakh crore alleged misrepresentation
- 97-99% revenues from overseas subs FY21-FY25
- ₹542.68 cr Valcambi CY2023 revenue
- ₹2.93 lakh cr GGR consolidated
- ₹2.81 lakh cr Rajesh Exports consolidated
- ₹1,035 cr Africa mining assets
- ₹11,487 cr disputed sales
- ₹7.4 cr personal account transfers
- ₹12,726 cr shareholder wealth erosion
- 10.8% LIC stake
- 5% stock fall to ₹103.92
- 80% decline over 3 years
Why this matters
Rajesh Exports' distressed valuation and disputed ₹11,487 cr in sales make any inbound interest a forensic-diligence exercise first and a deal second, with promoter-level liability potentially tainting the underlying jewellery franchise.