“This is a misunderstanding” says Rajesh Mehta in response to SEBI’s interim order

SEBI has alleged that firm funds had been routed via promoter-linked accounts and used for spinoff buying and selling.

I categorically deny that allegation. Not a single rupee of firm funds or shareholder funds has been diverted wherever. There has by no means been any occasion of diversion of funds for private use. What has been said in the interim order is primarily based on a misunderstanding, and we are going to make clear each level earlier than the regulator.

SEBI has additionally mentioned full data weren’t furnished in the course of the investigation, significantly relating to abroad subsidiaries.

Completely not. We submitted over 400 GB of knowledge and greater than 60,000 pages of paperwork. Every part sought was offered. If there had been any shortfall, SEBI might have written to us. Actually, we have now not obtained any communication from the regulator during the last three months searching for extra info. We now have totally cooperated and can proceed to cooperate.

Have all transactions carried out been accredited by the board specifically associated occasion transactions?

Every part is above board. No matter pointwise they’ve written we’re going to take up and reply.

The regulator has questioned investments of over ₹1,000 crore in African gold-mining belongings. What is your clarification?

These investments had been made by step-down overseas subsidiaries and never instantly by the mum or dad firm. They had been abroad transactions undertaken by these entities. All related data and supporting paperwork relating to these investments have already been submitted. There is full transparency concerning these transactions.

What would you want to inform traders, together with establishments resembling LIC and overseas traders, who could also be involved by the interim order?

The promoters haven’t bought a single share of the corporate since inception (IPO). With promoters holding about 55 per cent. Not a single share has been bought by any of the promoters in this firm since inception. We shouldn’t have any concept of promoting the shares.

Has any funds of the corporate been diverted for private use?

Not a single rupee! Firm funds haven’t been used for promoters. That is dominated out. I’m very a lot in Bengaluru and we’re totally cooperating with authorities to carry out fact.

Eyebrows have additionally been raised about administration getting paid paltry sums in remuneration together with the CFO a mere ₹4 lakh each year?

I see no hurt in it. There ought to have been concern if we overpaid ourselves, not the opposite method round. All I need to say is that an interim order is being blow method out of proportion. This (episode) has occurred due to a communication hole.