Bengaluru-based gold jewellery and refining company Rajesh Exports on Friday filed a fresh clarification with the BSE and NSE, rejecting allegations stemming from SEBI's interim order and asserting that its reported revenues were accurate and genuine.The filing came two days after SEBI issued a 109-page interim ex-parte order against the company and its Chairman and Managing Director Rajesh Mehta, alleging that Rajesh Exports had misrepresented consolidated revenues of approximately Rs 15.15 lakh crore between FY2020-21 and FY2024-25, accounting for nearly 99.8 per cent of the company's total reported consolidated revenue during the period.Also read:The curious case of Rajesh Exports: Massive revenues, meagre profitsIn Friday's exchange filing, the company said it was debt-free, had never raised money from public offerings beyond its initial public issue of Rs 10 crore in 1995, and had never made equity placements to domestic institutions. It reiterated that the SEBI order was interim in nature and contained no conclusive adverse findings.On the central revenue question, Rajesh Exports attributed the bulk of its consolidated revenues to its Swiss subsidiary Valcambi SA, which it described as the world's largest gold refinery, engaged in refining and sale of gold bullion to major banks, central banks, and large bullion entities globally. The company said the issue had "emerged primarily due to confusion" because SEBI had considered the EBITDA of Valcambi instead of revenue, which it said led to an apparent discrepancy of about 97 per cent. "The consolidated Revenue as stated by the Company is correct," the company said.The company operates through REL Singapore, which owns Switzerland-based Global Gold Refineries AG. That entity, in turn, owns Valcambi SA, the Swiss gold refinery that Rajesh Exports has described as the group's principal operating entity. SEBI's order noted that consolidated revenues of about Rs 15.45 lakh crore were reported between FY21 and FY25, with almost all of it attributed to subsidiaries and step-down subsidiaries.Rajesh Exports also rejected media and social media reports characterising the matter as a scam or fraud, and denied any equity placement to LIC. The company said it was in the process of submitting documents and evidence to address each concern raised in the SEBI order, and expressed confidence that the regulator would clear all suspicions after reviewing the submissions.The case originated from a shareholder complaint in March 2024 regarding large trade receivables that had remained outstanding for years, which prompted SEBI to launch a deeper review of the company's accounts and disclosures. The regulator appointed an investigating authority in October 2024 and later engaged a forensic auditor to examine the company's books and transactions. SEBI alleged that several requests for customer-wise sales data, vendor records, subsidiary financial statements, and transaction documents either went unanswered or were only partially answered.Also read: Who is Rajesh Mehta, man behind Rajesh Exports, facing SEBI ban over alleged Rs 15.15 lakh crore 'fraud' impacting LIC, others?SEBI's order also noted instances where corporate funds were routed through the personal bank accounts of Rajesh Mehta, with reasons cited including maintaining confidentiality of the company's bank accounts, facilitation of onward transfers, parking funds for court proceedings, and interest-free loan arrangements.The company failed to provide documentary evidence such as board approvals supporting the routing of funds through the promoter's personal bank accounts, SEBI said.Rajesh Exports shares have declined more than 12 per cent over the past week and around 13 per cent over the last month. The stock is down approximately 42 per cent so far in 2026. The stock hit a second consecutive lower circuit on Friday.