SEBI has barred Rajesh Exports promoter and Chairman Rajesh Mehta from shopping for, promoting, or dealing within the firm’s securities pending additional proceedings, and has ordered a recent forensic audit of its books | (Photograph: Rajesh Exports)
The Ministry of Heavy Industries (MHI) is about to resolve within the coming days on eradicating Rajesh Exports from the listing of beneficiaries beneath the production-linked incentive (PLI) scheme for superior chemistry cell (ACC) battery storage, after the SEBI final week handed an interim order alleging huge monetary fraud by the Bengaluru-based agency.
Sources within the ministry informed PTI that there’s a “robust view” throughout the division that the corporate ought to be dropped from the scheme.
The matter might be positioned earlier than Minister of Heavy Industries H D Kumaraswamy, who has returned from an official journey to Kyrgyzstan. “A ultimate name might be taken within the coming days,” a supply stated.
In a 109-page ex parte interim order dated June 3, SEBI alleged that Rajesh Exports – primarily a gold jewelry producer and exporter – inflated revenues by Rs 15.15 lakh crore between FY21 and FY25, amounting to roughly 99.8 per cent of the revenues attributed to its subsidiaries over the interval being materially misrepresented.
The regulator additionally alleged fund diversion, opaque related-party transactions, and disclosure failures involving two entities linked to the corporate’s lithium-ion cell enterprise: Elest Pvt Ltd and ACC Power Storage Pvt Ltd.
SEBI has barred Rajesh Exports promoter and Chairman Rajesh Mehta from shopping for, promoting, or dealing within the firm’s securities pending additional proceedings, and has ordered a recent forensic audit of its books.
The MHI administers the battery storage PLI programme and is now analyzing the Sebi order to find out subsequent steps.
Mehta and Rajesh Exports have denied Sebi’s findings and said they’re cooperating with the investigation.
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First Printed: Jun 07 2026 | 6:53 PM IST
