• SEBI interim order: SEBI issued an interim order raising observations regarding an alleged misstatement or inflation of approximately 15.5 lakh crore in revenue. Rajesh Mehta emphasized that these are non-conclusive observations rather than final findings or penalties.
• Revenue calculation discrepancy: Management stated that company revenues are audited and correct, attributing the discrepancy to SEBI mistakenly considering subsidiary Valcambi's standalone EBITDA as its revenue.
• Valcambi refining operations: Valcambi refines close to 900 tons of gold annually and has processed more than 3,000 tons over four years, creating high gross revenue alongside characteristically slim profit margins.
• Regulatory clarification timeline: The company has been in communication with SEBI for nearly two years and plans to submit complete clarifications within three to four days to resolve the matter.