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Rajesh Exports May Lose PLI Status After Sebi Flags Alleged Rs 15
Rajesh Exports May Lose PLI Status After Sebi Flags Alleged Rs 15.15 Lakh Crore Revenue Inflation
The Ministry of Heavy Industries (MHI) is likely to drop the gold jewellery firm Rajesh Exports under the Production Linked Incentive (PLI) scheme after Sebi (Securities and Exchange Board of India) alleged that the company may have committed financial fraud and failed to produce sufficient documents to justify the inflated revenues.
According to a report by PTI, the Centre may remove Rajesh Exports from the beneficiary list of its production-linked incentive (PLI) scheme for advanced chemistry cell (ACC) battery storage.
The report stated that the final decision will be taken by Heavy Industries Minister HD Kumaraswamy.
Other than Rajesh Exports, Reliance New Energy Solar, Ola Electric Mobility, Hyundai Global Motors, Mahindra & Mahindra, Amara Raja Batteries, India Power Corporation, Larsen & Toubro, Exide Industries are the beneficiaries of the PLI scheme.
The regulator has barred promoter and CEO Rajesh Mehta from dealing in the company’s securities until further orders and has ordered a fresh forensic audit.
The dispute centres on Rajesh Exports’ consolidated financial statements.
When investors looked at the company’s annual reports, they saw a giant global business reporting revenues running into several lakh crore rupees every year.
However, Sebi says almost all of those revenues came from overseas subsidiaries, particularly Switzerland-based Valcambi SA, and the underlying records supporting those revenues were either not disclosed or could not be independently verified.
According to the regulator, 97% to 99% of Rajesh Exports’ consolidated revenue came from overseas subsidiaries.
“The aberrations prima facie noted in the matter, where approx. 97% to 99% of the revenue of the Company is inflated, are egregious and unheard of," Sebi said in its interim order.
According to Sebi’s investigations, the company had inflated its revenues to create the illusion of a rising group’s scale and financial health. It stated that approximately Rs 15.15 lakh crore of revenues attributed to subsidiaries during FY21-FY25 appear to have been misrepresented.
Rajesh Exports allegedly failed to provide complete books of accounts, ERP access, journal entries and supporting documents. Moreover, forensic auditor could verify only a small portion of the transactions because crucial records were not provided.
Sebi, in its findings, stated that different sales figures were submitted by the company for the same customers and periods. Moreover, the names of several customers and transaction values haven’t been matched across multiple submissions.
The major loophole in the case of Rajesh Exports came from the subsidiary part. Despite regulatory requirements, the company allegedly didn’t publish audited financial statements of several overseas subsidiaries and step-down subsidiaries.
Source: News18
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