Rajesh Exports faces PLI exclusion over SEBI ₹15.15L cr allegation
Business
Rajesh Exports could be dropped from the government's PLI scheme for advanced battery storage, as the Ministry of Heavy Industries reviews SEBI's recent findings.
SEBI accused the company of inflating revenues by a massive ₹15.15 lakh crore between FY21 and FY25, along with materially misrepresenting approximately 99.8% of subsidiary revenues, and failing to disclose key transactions.
SEBI bans Rajesh Mehta, orders audit
SEBI has banned Chairman Rajesh Mehta from trading and ordered a forensic audit.
Mehta says SEBI misunderstood his financials, mixing up EBITDA with revenue.
The ministry is expected to decide shortly, but dropping Rajesh Exports is looking more likely.
The company has sent huge amounts of documentation to SEBI and promised clearer answers soon.