What is Rajesh Exports hiding?

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Rajesh Exports filed its audited results for FY23 with the exchanges without the audit report. This move is raising eyebrows on Dalal Street. The gold refiner and manufacturer, which posted revenues of Rs 3.4 lakh crore in FY23 and has a market value of over Rs 17,000 crore, did not put out its audit report and a comparative number of cash flow statements when it announced its FY23 and Q4 results on May 30. Chartered accountants said the audit report is tracked closely by investors. According to media reports, the company said it was an inadvertent omission and it is ready to file if exchanges asked for it.

Sony may seek forensic audit of Zee: Lawyers Sony Corporation, which is merging its Indian TV content company with Zee Entertainment Enterprises, may seek forensic audit of Zee after markets regulator Sebi charged Zee promoters with funds diversion. Sebi also barred Zee founder Subhash Chandra and its Chief Executive Officer (CEO) Puneet Goenka from holding any position as director. Lawyers say that as Sony is a listed entity in Japan, its shareholders may raise queries on the valuation based on faulty audited reports and can seek a fresh forensic audit. In another report citing sources, the income tax (I-T) department will likely move the Bombay High Court against a tribunal order disallowing capital gains tax in India on the sale of Ten Sports to SonyPictures Network India by a Mauritius-based entity linked to Zee Entertainment Enterprises (ZEE). The capital gains, on the sale dating back seven years, amount to about Rs 1,800 crore. In March, the Income Tax Appellate Tribunal (ITAT), while allowing a plea filed by ZEE’s step-down subsidiary, observed it has no permanent establishment, thus entitling it to avail the treaty benefit applicable under the Double Taxation Avoidance Agreement.