Rajesh Exports fails to provide vital data, NSE asks it to clarify

Mumbai: The National Stock Exchange has sought clarification from Rajesh Exports for not disclosing its cash-flow statement. The company, which reported a turnover of ₹3.4 lakh crore for FY23, failed to disclose its half-year cash-flow statement and proper audit report alongside the quarterly results for the period ending September 2023, as required by Sebi regulations.

The exchange has also sought clarification about the auditor's report, which deviates from the format prescribed by Sebi. India's Companies Act mandates companies disclose auditors' and cash-flow statement reports along with the financial results. According to market participants, not filing audit reports raises concerns over corporate governance.

Earlier, the gold refiner and manufacturer did not put out its audit report and a comparative number of cash-flow statements when it announced its FY23 and fourth quarter results on May 30. Rajesh Exports and the auditor BSD & Co did not respond to ET's query on the matter. "Consistent absence of vital documents...reveals a recurring pattern of governance lapses," said Sudarshan Bhandari, director of Beat The Street Ventures.