India ke stock market mein ek aur bada controversy khada ho gaya hai. Bengaluru-based Rajesh Exports Limited (REL), jo duniya ke sabse bade gold refiners mein se ek hai aur Valcambi SA ka owner hai, ab SEBI ke nishane par hai. Regulator ne 3 June 2026 ko ek 109-page interim order jaari kiya, jismein company par FY21 se FY25 tak lagbhag ₹15.15 lakh crore ki revenue ko misrepresented karne ka aarop lagaya gaya hai. Yeh rakam company ke consolidated revenue ka kareeb 99.8% hissa banata hai, jo subsidiaries, khas kar Switzerland-based Valcambi ke through report kiya gaya tha.

Yeh sirf numbers ka khel nahi hai. SEBI ke mutabik, company ne overseas entities se aane wali revenue ko grossly inflate kiya, jismein gross gold transaction values ko record kiya gaya jabki sirf refining margins ko recognize karna chahiye tha. Valcambi ke audited standalone figures mein sirf chhoti rakam dikhti hai, jabki group level par lakhon crore report hue. Iske saath hi, personal gold trades ko corporate sales ke roop mein dikhaya gaya, receivables mein unexplained adjustments kiye gaye, aur company funds ko promoter-linked accounts mein route kiya gaya bina proper disclosures ke. Ek alleged gold mine investment in Africa bhi documentation ke bina tha.

Kya SEBI Ne Paya?

Investigation ek shareholder complaint se shuru hua tha unpaid receivables ko lekar. Forensic audit aur documents ki jaanch se pata chala ki subsidiaries ki financials ko properly consolidate aur disclose nahi kiya gaya. Company ne Swiss data protection laws ka hawaala diya, lekin SEBI ne ise reject kar diya – Indian regulators ko information dena zaroori hai. Non-cooperation bhi ek badi issue thi, jiske wajah se fresh forensic audit ka order diya gaya hai aur auditors ki jaanch NFRA ko bheji gayi hai.

Promoter aur Chairman Rajesh Mehta par bhi action liya gaya – unhe company ke securities mein dealing se roka gaya hai jab tak investigation chalti hai. Yeh step company ke operational scale, financial health, aur governance ko lekar misleading picture banane ke aarop par based hai.

Company Ka Jawab

Rajesh Exports ne sabhi allegations ko strongly deny kiya hai. Chairman Rajesh Mehta ne kaha ki yeh interim order hai aur ismein kuch bhi sach nahi hai. Unke mutabik, Valcambi ne FY21-FY25 mein 3000 tonnes gold refine kiya, jisse consolidated revenue naturally high hota hai. Difference standalone aur consolidated accounting se aaya hai, na ki kisi fraud se. Company additional documents provide kar rahi hai aur matter ko resolve karne ki ummeed rakhti hai.

Market Ka Reaction Aur Investors Par Asar

Order ke baad stock ne do din tak 5% lower circuit hit kiya, price ₹100 ke aas-paas aa gaya. Isse shareholders ka kareeb ₹12,700 crore ka value wipe out hua. LIC jaise institutions (10%+ stake) aur retail investors bhi affected hue. Yeh case governance ke liye reminder hai – badi revenue numbers aur global operations ko blindly trust na karen.

Bada Lesson aur Aage Kya?

Yeh case Indian corporates mein transparency ki zaroorat ko highlight karta hai, khas kar overseas subsidiaries aur related-party transactions mein. Gold industry mein high volumes common hain lekin accounting standards ka strict follow zaroori hai. SEBI ka action timely hai, lekin final outcome investigation, hearings, aur possible appeals par depend karega. Investors ko ab diversified portfolio, proper due diligence, aur audited numbers par focus karna chahiye.

Is tarah ke incidents se market maturity badhti hai, lekin short-term mein confidence ko nuksaan pahunchta hai. Rajesh Exports ki story abhi khatam nahi hui – yeh ek warning sign hai ki scale impressive ho sakta hai, lekin credibility usse bhi zaroori hai.

Disclaimer: Yeh article sirf informational purposes ke liye hai. Yeh investment advice nahi hai. Stock market investments mein risk involved hai; apne financial advisor se salah len aur latest official filings check karen. Past performance future results ki guarantee nahi hai.