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New Delhi: Rajesh Exports, now in the news after the Securities and Exchange Board of India (Sebi) issued an interim order on June 3 alleging the company had misrepresented roughly Rs 15.15 lakh crore in revenue over five years, had been a beneficiary under the Union government’s Rs 18,100-crore Production Linked Incentive (PLI) scheme for Advanced Chemistry Cell (ACC) battery storage.

As The Wire reported, promoter Rajesh Mehta has already been barred from buying, selling or trading in securities of the company until the matter is resolved.

Rajesh Exports has reported vast revenues for years, making it one of India’s largest companies by turnover. However, when investigated, the regulators could not find the records to back those numbers. Sebi’s interim order, issued by Kamlesh Chandra Varshney, found that up to 99% of Rajesh Exports’ consolidated revenues were attributed to overseas subsidiaries, particularly Switzerland-based Valcambi SA, a globally recognised Swiss precious metal refiner. The firm disclosed suspiciously low standalone revenues in its audited financial statements. Despite........

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