Sebi flags ₹15.15 trillion misstatement in Rajesh Exports accounts; promoter barred

Sebi's 109-page interim order alleges Rajesh Exports misrepresented ₹15.15 trillion — 99.8% of subsidiary revenue across FY21-FY25 — citing mismatches with Valcambi SA's standalone books. Promoter Rajesh Mehta barred from trading pending detailed probe into the jewellery exporter.

— Source publishedWed, 3 Jun, 2026, 20:53 IST·First seen Thu, 4 Jun, 2026, 11:24 IST·Source Mint · Companies

What happened

Sebi's interim order alleges Rajesh Exports misrepresented ₹15.15 trillion (99.8%) of subsidiary revenue across FY21-FY25, citing mismatches with Valcambi SA's

Key facts

  • ₹15.15 trillion
  • 99.8% of revenue
  • 97-99% consolidated revenue from overseas
  • FY21-FY25
  • 109-page order

Why this matters

Pause any partnership or M&A discussions touching Rajesh Exports or Valcambi assets, and stress-test diligence playbooks for cross-border subsidiary revenue verification.