Key Points of Clarification

The company presented a point-by-point response to address what it describes as "incorrect perception" about the interim SEBI order:

  • Rajesh Exports claims to be completely debt-free and not dependent on any outside financing for its operations.
  • The company states it has never raised money from public offerings except for an initial public issue of only ₹10 crores in 1995.
  • Rajesh Exports denies ever making equity placements to domestic institutions.
  • The company asserts it has never engaged in mis-reporting and that all its filings and financial numbers, including revenue, are true and genuine.

Status of SEBI Order

The company characterizes the SEBI order as an interim order that has "only raised suspicions on certain aspects" and emphasizes that there are "no conclusive adverse findings on any of the company matters." Rajesh Exports denies involvement in any wrongdoing or misrepresentations by the company or its personnel.

Revenue Justification

The company addresses concerns about its reported revenues, stating that the "huge revenues reported in the consolidated financials" are primarily from its subsidiary Valcambi, which is engaged in refining and sale of gold bullion to major banks, central banks, and large bullion entities worldwide. The company describes Valcambi as "the world's largest, finest and most reputed gold refinery."

Response to Media Reports

Rajesh Exports rejects media reports and social media postings about "scam, fraud, inflated revenues, placement of shares to LIC" as "totally incorrect, out of place and speculative." The company describes its operations as "transparent and absolutely straight forward" with positive contributions to both the country's and global economy.

Next Steps

The company is in the process of "mitigating each one of the concerns raised in the SEBI interim order with explanation, documents and solid evidence." Rajesh Exports expresses confidence that SEBI will "appreciate the submissions of the company and clear all the suspicions raised in the interim order."

Signature and Authentication

The letter is digitally signed by Rajesh Jaswanth Rai Mehta, Chairman of Rajesh Exports Limited, with timestamp: June 5, 2026 at 13:43:44 +05:30.