New Delhi: The heavy industries ministry will likely remove Rajesh Exports from the list of beneficiaries under the production linked incentive scheme for batteries, and the corporate affairs ministry may order a probe to ascertain any potential corporate governance lapses at the company after Sebi flagged massive misrepresentation of financials there. "The Ministry of Heavy Industries (MHI) is examining the Sebi order ... but there is a strong view that the company should be removed as a beneficiary," a government official told ET. A final call would be taken soon after a detailed internal examination, the official added.Separately, another official said, "The Ministry of Corporate Affairs (MCA) is in touch with Sebi over this issue, and an appropriate decision on it will be made soon."The MCA may ask the relevant Registrar of Companies to undertake inspection of the company, if required, he added. "For the moment, Sebi is taking the lead in this case." When contacted, Rajesh Mehta, chairman and managing director of Rajesh Exports, said the company is yet to receive any communication on these matters from either of the ministries.Mehta said this is an interim order in which Sebi has made only some observations, and not allegations. "I don't think an interim order or plain observations should warrant any questions by the MCA," he added.He also said, "There has been no adverse communication from the ministry to us regarding the battery production linked incentive (PLI) scheme. In any case this matter has nothing to do with the PLI Scheme and is totally separate. We are progressing well under the PLI Scheme and will deliver as required." Rajesh Exports has been under the watch of the MHI that administers the ₹18,100 crore National Programme on Advanced Chemistry Cell Battery Storage.The company, selected under the scheme, had allegedly, according to an MHI probe, erected just a boundary wall and a shed at the site of a battery manufacturing unit, the official said. The company had bid under the scheme as Rajesh Exports but its arm ACC Energy Storage is executing it.It is yet to receive any subsidy under the scheme under which it was to establish 5 GWh capacity, but is yet to set it up, officials said.An interim Sebi order this week ruled that Rajesh Exports had overstated its revenues by 97-99%. The market regulator, under the interim order, has restrained promoter Mehta from buying, selling or dealing in securities of Rajesh Exports until further orders.