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Canara Bank recovers over half of ₹500 crore Rajesh Exports exposure, CEO outlines growth strategy
Canara Bank has recovered over half of its ₹500 crore exposure to Rajesh Exports and is pursuing legal avenues for the remaining amount. The bank's CEO highlighted reducing the cost-to-income ratio and increasing low-cost deposits as key priorities to boost profitability and manage rising deposit costs.
Rajesh Exports founder denies fund diversion in ACC Energy, says SEBI misread accounting entries
Rajesh Exports Chairman Rajesh Mehta refutes SEBI's fund diversion claims. He states accounting entries were misunderstood. The company faces potential removal from the Rs 18,100 crore ACC Production-Linked Incentive scheme. SEBI's order flagged a circular fund-routing scheme. The company's participation in the battery manufacturing programme is under review.
Rajesh Exports’ PLI-ACC future to be decided this week
There is a clause in the 2021 scheme's request for proposal to set up battery capacity that allows the ministry of heavy industries to disqualify a company.
Rajesh Exports shares hit lower circuit for third day, decline 14% since Sebi action
The stock tanked 4.98% to hit the lower circuit limit at ₹94.50 on the BSE.
We don't even know where LIC's office is: Rajesh Exports chief amid regulatory heat
Rajesh Exports Chairman Rajesh Mehta clarified LIC's investment in his company, stating the insurer bought shares over two decades from the open market. He asserted neither promoters nor the company benefited from LIC's stake, emphasizing that ordinary retail shareholders are the ultimate gainers, regardless of LIC's potential losses or exit.
Rajesh Exports shares hit 5% lower circuit for third session on alleged Rs 15.15 lakh crore fraud
Rajesh Exports shares hit lower circuits for a third straight session after Sebi alleged massive revenue inflation and financial irregularities. The regulator barred promoter Rajesh Mehta from trading and flagged auditor lapses. The company denied wrongdoing, attributing discrepancies to accounting interpretation issues at subsidiary Valcambi SA.
Rajesh Exports hits back-to-back 5% lower circuits, down 15% in 3 days
The selling pressure intensified after reports emerged that the Ministry of Heavy Industries (MHI) is likely to remove the Rajesh Exports from the list of beneficiaries under the PLI
From Singapore to Mumbai, the trail of Rajesh Exports’ elusive financial statements
Rajesh Exports Ltd and its Singapore subsidiary gave contradictory statements to regulators in the two countries, blurring the actual finances of overseas units that account for nearly all of its consolidated revenues.
Rajesh Exports: Sent 400 GB Docs To SEBI, Regulator Couldn't Locate Files; Will Resubmit In 15 Days
The June 3 interim order also barred Mehta from buying, selling or dealing in the company's own securities pending further proceedings.
Rajesh Exports may be removed from PLI scheme by Heavy Industries Ministry
This development follows a severe interim order passed by SEBI alleging massive financial fraud at the Bengaluru-based corporation
Rajesh Exports: Sent 400 GB docs to Sebi, regulator couldn't locate files; will resubmit in 15 days
Rajesh Exports, among India's largest gold processing companies, is facing allegations of inflating its consolidated revenues by more than ₹15 trillion over five years by attributing massive revenues to overseas subsidiaries, according to findings of a Sebi probe.
Rajesh Exports Likely To Be Dropped From PLI Scheme, Final Decision In Days: Sources
In a 109-page ex parte interim order dated June 3, SEBI alleged that Rajesh Exports, inflated revenues by Rs 15.15 lakh crore between FY21 and FY25.