{"id":77778,"date":"2026-06-04T21:02:35","date_gmt":"2026-06-04T21:02:35","guid":{"rendered":"https:\/\/www.europesays.com\/ch\/77778\/"},"modified":"2026-06-04T21:02:35","modified_gmt":"2026-06-04T21:02:35","slug":"sebi-says-rajesh-exports-owner-of-swiss-gold-refiner-valcambi-overstated-revenue","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ch\/77778\/","title":{"rendered":"SEBI says Rajesh Exports, owner of Swiss gold refiner Valcambi, overstated revenue"},"content":{"rendered":"<p>Get up to speed with key market intelligence, news and insight before trading starts each day in this fast-growing economy with the Markets Daily India newsletter. Sign up\u00a0<a href=\"https:\/\/www.bloomberg.com\/account\/newsletters\/markets-daily-india\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here<\/a>.<\/p>\n<p>India\u2019s markets regulator has alleged that the owner of Swiss gold refiner Valcambi SA overstated revenue, according to an interim order issued Wednesday.<\/p>\n<p>Mumbai-listed Rajesh Exports Ltd. prima facie misrepresented about 15.2 trillion rupees ($159 billion) \u2014 equaling 99.80% of its revenues from subsidiaries over the five fiscal years through March 2025 \u2014 the Securities and Exchange Board of India said in its order and asked the company to make \u201ctrue and fair\u201d disclosures in its financial statements and other filings.<\/p>\n<p>\t\t\t\t\tShow Full Article<\/p>\n<p>Shares of the company, valued at about $321 million, hit their 5% daily lower limit on Thursday and have lost more than 40% this year.<\/p>\n<p>The regulator also barred Rajesh Mehta, the company\u2019s majority shareholder and chairman from trading in the company\u2019s stock until further notice, saying the revenue figures allowed the company to present an \u201cinflated and\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2015-12-09\/jeweler-s-world-beating-381-indian-rally-drubs-tiffany-in-slump\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">misleading picture<\/a> of its scale, financial position and health.\u201d<\/p>\n<p>The case also adds to scrutiny of auditors\u2019 role in flagging accounting lapses at Indian companies. Last year, SEBI barred the founders of Droneacharya Aerial Innovations Ltd. over alleged misuse of IPO proceeds and misrepresentation of financial statements. In the Rajesh Exports order, the regulator also cited \u201cprima facie misconduct and dereliction of duties\u201d by the company\u2019s statutory auditors.<\/p>\n<p>Rajesh Mehta and statutory auditor BSD &amp; Co. didn\u2019t immediately respond to email queries.<\/p>\n<p>The investigation revealed a pattern of \u201crouting corporate funds through personal accounts, misutilization of funds to promoter-controlled entities, and obscuring fund trails\u201d and there is a \u201ccredible and real risk\u201d that the firm\u2019s assets may be alienated or dissipated without immediate restraint, SEBI member Kamlesh Chandra Varshney said in the order.<\/p>\n<p>The Bengaluru-headquartered company, which\u00a0<a href=\"http:\/\/www.rajeshindia.com\/overview\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">touts itself<\/a>\u00a0as the largest exporter of gold products from India,\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2015-07-27\/india-rajesh-exports-pays-400-million-for-gold-refiner-valcambi\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">bought Valcambi<\/a>\u00a0in 2015 for $400 million.<\/p>\n<p>Life Insurance Corp., the country\u2019s biggest insurer, and funds managed by global investors including Charles Schwab Corp. and Vanguard Group Inc. are among the investors in the firm. Founders own the bulk of the company. About 15% of the firm is owned by foreign investors.<\/p>\n<p>The probe into Rajesh Exports\u2019 accounts began in March 2024 after a shareholder complaint alleged potential misrepresentation of financial information. The regulator appointed an investigating authority later that year and then hired BDO India Services Pvt. as a forensic auditor.<\/p>\n","protected":false},"excerpt":{"rendered":"Get up to speed with key market intelligence, news and insight before trading starts each day in this&hellip;\n","protected":false},"author":2,"featured_media":77779,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[4],"tags":[20584,4906,40463,41,17],"class_list":["post-77778","post","type-post","status-publish","format-standard","has-post-thumbnail","category-switzerland","tag-bloomberg-wire","tag-gold","tag-sebi","tag-swiss","tag-switzerland"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ch\/116693863331928935","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/77778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=77778"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/77778\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/77779"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=77778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=77778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=77778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}