Company Clarifies Interim Market Regulator Order, Rejects Fraud Allegations:

Rajesh Exports Limited has issued a clarification to stock exchanges following concerns arising from SEBI’s interim order, stating that several media reports and market perceptions regarding the matter are incorrect and speculative.

The company emphasized that it is completely debt-free and has not relied on external financing for its operations. It further stated that apart from its initial public offering in 1995, through which it raised approximately Rs 10 crore, it has not raised funds through subsequent public offerings or equity placements with domestic institutions.

Addressing concerns over its financial reporting, Rajesh Exports maintained that it has never engaged in misreporting and that all financial disclosures, including revenue figures, are genuine and accurately reported. The company reiterated that SEBI’s order is only an interim order that raises certain suspicions and does not contain any conclusive adverse findings against the company or its personnel.

“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.”

The company also clarified that a significant portion of the revenue reflected in its consolidated financial statements originates from Valcambi, its gold refining business, which sells gold bullion to major banks, central banks and large bullion entities worldwide. According to the company, the high revenue figures are primarily attributable to the nature and scale of Valcambi’s global operations.

Rajesh Exports rejected allegations and media reports suggesting fraud, inflated revenues, scams or irregular share placements, describing such claims as speculative and unfounded. It asserted that its operations are conducted transparently and in compliance with applicable requirements.

Further, the company stated that it is in the process of responding to each concern raised in SEBI’s interim order by furnishing explanations, supporting documents and evidence.

“The company is confident that SEBI will appreciate the submissions of the company and clear all the suspicions raised in the interim order.”

Rajesh Exports expressed confidence that the regulator will consider its submissions and resolve the issues raised in the interim proceedings.

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