Rajesh Mehta, Executive Chairman, Rajesh Export Ltd.|Picture Credit: GOPINATHAN K
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The Ministry of Heavy Industries(MHI )is set to choose in the coming days on getting rid of Rajesh Exports from the list of recipients under the production-linked reward(PLI)plan for innovative chemistry cell (ACC) battery storage, after the SEBI recently passed an interim order declaring huge monetary scams by the Bengaluru-based company.
Sources in the ministry informed PTI that there is a “strong view” within the department that the business must be dropped from the plan.
The matter will be put before Minister of Heavy Industries H D Kumaraswamy, who has actually returned from a main journey to Kyrgyzstan. “A final call will be taken in the coming days,” a source stated.
In a 109-page ex parte interim order dated June 3, SEBI declared that Rajesh Exports – mainly a gold jewellery maker and exporter – pumped up profits by 15.15 lakh crore in between FY21 and FY25, totaling up to around 99.8 percent of the earnings credited to its subsidiaries over the duration being materially misrepresented.
The regulator likewise declared fund diversion, nontransparent related-party deals, and disclosure failures including 2 entities connected to the business’s lithium-ion cell company: Elest Pvt Ltd and ACC Energy Storage Pvt Ltd.
SEBI has actually disallowed Rajesh Exports promoter and Chairman Rajesh Mehta from purchasing, offering, or handling the business’s securities pending more procedures, and has actually bought a fresh forensic audit of its books.
The MHI administers the battery storage PLI program and is now analyzing the SEBI order to figure out next actions.
Mehta and Rajesh Exports have actually rejected SEBI’s findings and specified they are complying with the examination.
Released on June 7, 2026
