Rajesh Exports’ latest filing shows a consolidated revenue of ₹15.34 lakh crore for FY21‑FY25, compared with the Swiss arm Valcambi SA’s standalone revenue of ₹3,027 crore for the same span— a discrepancy that has spurred regulatory action.
SEBI’s final order, issued last Wednesday, lifted the interim relief but kept the Chairman Rajesh Mehta suspended from buying or selling the company’s securities on any exchange. The order also mandates a full audit of the company’s disclosures to ensure they are “true, fair, accurate and complete.”
The regulator rejected Rajesh Exports’ justification that differing reporting periods between the Indian entity and Valcambi SA explain the gap. Even after aggregating the full five‑year figures, SEBI finds the disparity unexplained and continues to flag it as a “prima facie” concern about verifiability.
Kamlesh Chandra Varshney, a SEBI whole‑time member, noted that the company’s submission of additional data after the interim order was insufficient— many records remained incomplete or were furnished in a form that precludes independent verification. The regulator also highlighted questionable related‑party transactions involving Mehta and his personal accounts.
The next steps include a forensic audit by an appointed auditor, with SEBI directing the investigation to conclude swiftly. Until a further order, Mehta’s trading ban stays in force and Rajesh Exports’ shares remain under regulatory scrutiny, leaving investors uncertain about the company’s financial health and future market performance.