Rajesh Exports Issues Detailed Rebuttal to SEBI Interim Order, Denies Revenue Misreporting Claims
Rajesh Exports rejected allegations linked to a SEBI interim order, stating it remains debt free, has not misreported revenues, and that its large consolidated revenues stem primarily from subsidiary Valcambi.
Rajesh Exports has issued a detailed clarification responding to what it termed an ‘incorrect perception’ surrounding an interim order passed by the Securities and Exchange Board of India (SEBI), asserting that the regulator’s order contains no conclusive adverse findings and rejecting allegations circulating in sections of the media and on social platforms.
In a communication dated June 5, 2026, to the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited, the company outlined ten specific points to address concerns related to the interim order and its reported revenues.
The company stated:
‘1) Rajesh Exports is a totally debt free company and is not dependent on any outside finance for any of its operations.
2) Rajesh Exports has never raised any money from any public offerings except for the initial public issue raising only Rs 10 crore from the public in the year 1995.
3) Rajesh Exports has never made any equity placement to any of the domestic institutions.
4) Rajesh Exports has never indulged in any mis-reporting and all its filings, financial numbers including revenue are true and genuine.
5) Rajesh Exports reiterates that the SEBI order is an interim order which has only raised suspicions on certain aspects and there are no conclusive adverse findings on any of the company matters.
6) Rajesh Exports or any of its personnel are not involved in any wrongdoing or misrepresentations.
7) The major point misinterpreted with regard to the revenues of the company is totally misplaced. The huge revenues reported in the consolidated financials of the company are primarily from Valcambi, which is engaged in refining and sale of gold bullion to major Banks, central banks and other large bullion entities across the world. It is a globally accepted fact that Valcambi is the world’s largest, finest and most reputed gold refinery.
8) Some of the media reports and social media postings with regard to scam, fraud, inflated revenues, placement of shares to LIC are totally incorrect, out of place and speculative. The company outright rejects all these speculative inferences.
9) Rajesh Exports is engaged in transparent and absolutely straightforward operations, which positively contribute to the country’s and global economy.
10) Rajesh Exports is in the process of mitigating each one of the concerns raised in the SEBI interim order with explanation, documents and solid evidence. The company is confident that SEBI will appreciate the submissions of the company and clear all the suspicions raised in the interim order.’
The clarification was signed by Rajesh Mehta, Chairman of Rajesh Exports Limited.
The company emphasised that the interim order merely raises suspicions on certain aspects and does not establish wrongdoing. It also attributed what it described as misinterpretation of its revenues to misunderstanding around its consolidated financials, particularly the scale of operations at Valcambi, its global gold refining subsidiary.
Rajesh Exports stated that it is in the process of addressing each concern raised in the interim order with supporting explanations and documentation, reiterating its position that its financial disclosures are accurate and genuine.
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