Many people high-lighted multiple red-flags in Rajesh Expert in 2024 including me which i knew someday will burst and now that day is here . I complained on 19-Sep-25 but nothing happened and so far they have being doing this fraud with next level of confidence. All issues are clearly visible so I summarized in 6 key points . SEBI is non functioning organization. They take 2 years to act. Its too late for retail investors now.
An analysis of MCA filings yields multiple red flags as well. Its amazing that this thread is 14 years old.
**Interestingly, this was found in filings up to FY24 on MCA. The company has not filed audited financials with the ministry for FY25 yet.
- A Singapore subsidiary reported Rs 226 lakh crore of turnover.** And never filed a balance sheet. The annual report’s subsidiary disclosure shows REL Singapore Pte Ltd reported turnover of 2,75,27,566 Lakhs of USD in FY24 – approximately Rs 226 lakh crore at the stated exchange rate. The same filing also states the subsidiary had not filed a balance sheet. The auditor relied on management-certified financials, not an independent audit. SEBI is alleging Rs 15.15 lakh crore of misrepresented revenue.
Notes - Interest in Other Entities from FY24 AOC4 Filing
2. Rs 2.8 lakh crore of revenue. FY24 EBITDA margin was 0.12%. EBITDA fell 79.9% while revenue fell only 17.4%. A business of this reported scale producing this little earnings has no cushion – one bad quarter eliminates the year.
3. Net income was really Other Income. Other Income jumped 899% from Rs 24 crore in FY23 to Rs 242 crore in FY24 and equaled 91.7% of EBIT. Reported Net Income of Rs 336 crore was not earned from operations.
4. A rating agency already called default in 2021. Brickwork downgraded Rs 1,100 crore of facilities to BWR D in May 2021 after citing information-risk failures. A company reporting Rs 2.8 lakh crore of revenue touching default grade on Rs 1,100 crore of facilities is a structural governance signal.
rajeshexports_preliminary_briefing_memo.pdf (658.6 KB)
Biggest red flag according to me is from 2015 to 2015 they have given only presentation no concall, and after 2019 then no concall no presentation this is completely red flag how can a retail investors will have the information that what’s going back in 2018 i identified that’s there is problem,cash flow payable, receivable other issues are there
Fair point. And the only avenue left is annual reports, presentations and MCA filings.
But there a lot of companies that do not file their concall transcripts. I think this happens because they do not hold an “investor/analyst conference call” at all but rather have one-to-one meetings or roadshows with investors. For eg. TRENT also has no Concalls transcripts, while there are multiple investor meetings Investor/Analyst Meets – Trent Limited . In each case the attached PDF says, “Kindly note that no unpublished price sensitive information would be shared during the meetings.”
The case of Rajesh Exports is also similar (this is an exchange filing for a roadshow in 2019) - https://nsearchives.nseindia.com/corporate/RAJESHEXPO_11022019084716_RelInvestorMeetFeb07_08_005.pdf.
Maybe Sebi did this so that companies do not expend resources but since the roadshows are taking place, it would have been great if somehow the information was captured.
If anybody has attended their Annual general meeting, they would have known. It was few minute speech, just took one question from participant and end it. I tried to ask question but not taken up. They were thinking they are above law by missing financial reporting multiple times, misreporting, still Dec 25 SHP is pending. All DII exit except LIC. Motilal oswal also had around 4 lakh share which they sold. There is clear misrepresentation of accounts. Hope SEBI stays firm and dont underplay.
Yes. Sebi should also put in place mechanisms to flag such companies early. As you point out there have been skipped filings, the financials have red flags since FY23 etc.
Looks like he is all over the place on YT world.
Absolutely all over and kept repeating same over and over.
There were some things he said was so weird like
- owning 100% stake in a company and not getting any accounting details from them
- Getting barred from stock market and not being bothered by that said he doesn’t care
- When asked a simple question won’t give a simple answer instead played a game of musical chairs with his explanations
- Also kept on asking the other memebers about if they think of it as a scam
Seemed to be like an image cleaning campaign if something goes wrong.
