Rajesh Export, a gold export company, has been in the news since the beginning of this month. It came into limelight when market regulator SEBI alleged that Rajesh Exports had shown fake exports of Rs 15.15 lakh crore, which was 99 percent of the total exports. SEBI then issued an interim order against the company and its promoter Rajesh Mehta, along with which they were banned from buying and selling in the shares of the company till the completion of the investigation. Now intensive raids by ED are being seen on the company’s premises.
ED raids the company’s premises
According to the latest update, the Enforcement Directorate is continuously tightening its grip on Rajesh Export regarding this entire matter. ED has raided the company’s premises, which is continuing since Tuesday morning. These raids have been conducted at many places including Bengaluru. SEBI The company was under investigation since the interim order.
What order did SEBI give?
It is noteworthy that in an interim order issued on June 3, the Securities and Exchange Board of India (SEBI) had barred Rajesh Exports and its promoter Chairman Rajesh Mehta from doing business in the stock market. The regulator alleged major financial fraud in 5 financial years, in which information of revenue worth Rs 15.15 lakh crore was found to be fake.
SEBI had alleged that between FY21 and FY25, the company had grossly misrepresented the revenues of its foreign subsidiaries. According to the regulator, the revenue figures shown could not be verified and huge irregularities were seen in the money.
Huge fluctuations seen in shares
After SEBI’s allegations, its direct impact was seen on the shares of Rajesh Exports and they fell heavily after the order of the market regulator on June 3. From this day to June 12, the company’s shares had fallen by more than 30 percent. However, since then the stock price has increased by about 40 percent.
Even after the fall in the stock market on Tuesday, there was upper circuit in Rajesh Exports Share, but now the news of ED raid on the company’s premises has come, the effect of which can be seen on the company’s shares on Wednesday.
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