Business · Companies · 2 hrs ago
Sebi confirms interim curbs on Rajesh Exports and its promoter
Sebi has confirmed interim curbs on Rajesh Exports and its promoter over alleged fund routing.
The confirmation concerns the company and its promoter, but the information available does not name the promoter.
The curbs are linked to allegations of fund routing, not a stated finding that wrongdoing occurred.
“Interim” means the measures are temporary, though their duration is not given.
The restrictions affect both the company and its promoter, but their exact scope is not specified.
The available information also does not say what transactions are alleged or what happens next.
Sebi confirmed interim restrictions against Rajesh Exports and its chairman, Rajesh Mehta, while its investigation continues.
The regulator cited concerns about financial disclosures, overseas subsidiaries and alleged fund routing through related parties.
Mehta remains barred from dealing in the company’s securities, directly or indirectly, until further orders.
Sebi said information sought during the investigation was still outstanding or had been submitted incompletely.
The regulator said a large gap between reported consolidated revenue and Valcambi SA’s standalone revenue was not satisfactorily reconciled.
- Who
- Sebi confirmed restrictions against Rajesh Exports and its chairman, Rajesh Mehta.
- What
- Interim directions remain in force, including a ban on Mehta dealing in the company’s securities.
- When
- The confirmatory order was dated October 14, 2026.
- Where
- India; the order was issued by the Securities and Exchange Board of India.
- Why
- Sebi cited unresolved concerns over disclosures, overseas subsidiaries and alleged fund routing, as well as incomplete information provided during its investigation.
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- Restriction
- Mehta barred from dealing in Rajesh Exports securities until further orders
- Revenue gap
- About 99 per cent between consolidated revenue and Valcambi SA standalone revenue over 2020-21 to 2024-25
- Rajesh Exports consolidated revenue
- ₹15.45 trillion
- Valcambi SA standalone revenue
- ₹3,027.38 crore
- African gold mine investments
- ₹1,035.27 crore reported by the company; Sebi said they remained unsubstantiated by supporting documents
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What people are saying
The material placed on record does not, at this stage, sufficiently eliminate the concerns that formed the basis of the interim order. The continuation of the directions is also proportionate to the nature of the concerns presently under investigation.