Rajesh Exports Chief Evades Questions Of Irregularities, Refutes SEBI's Allegations

Rajesh Exports Chairman Rajesh Mehta has defended the company against Securities and Exchange Board of India's interim order, exclusively telling NDTV Profit that the alleged revenue misrepresentation stems from SEBI officials confusing gross profit with revenue. He added that no conclusion has been reached agains the company. In his first detailed interview since the order, Mehta said the headline figure of Rs 15.5 lakh crore cited by the regulator is a five-year figure. He added that there is no overstating of revenue by the company. When asked about the specific finding on transactions with Affluence Shares and Stocks Pvt. Ltd., which the regulator said the entity had denied, Rajesh Mehta said the clarification was not seen by SEBI while defending the numbers. "SEBI has not seen the clarification correctly," Mehta said. "This trade is absolutely correct. It is spread over a period of four years with Affluence. We have shared information with SEBI about the same," he said.