As part of the interim order passed by Securities &

As part of the interim order passed by Securities & Exchange SEBI on Rajesh Exports Ltd (REL), the market regulator noted that it found the listed gold refiner's explanation on investments linked to gold mines in Africa as “vague, and unsupported”.

The market watchdog has also alleged in the 109 page-long interim order that Rajesh Exports Ltd misrepresented consolidated revenues totalling nearly Rs 15.15 lakh crore, representing 99.80 percent of the total consolidated revenue for the period FY 2020-21 to FY 2024-25.

However, SEBI noted that, “No identifiable investment in gold mines in Africa corresponding to the amount of INR 1,035.27 crore was reflected in the standalone financial statements of REL for FY 2022-23. Similarly, no such identifiable investment in gold mines in Africa could be found in the standalone financial statements of REL Singapore and GGR.”