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DMK to skip INDIA bloc meet over Congress’ ‘betrayal’ after polls

DMK to skip alliance meeting due to Congress "betrayal", citing cadre sentiments. Party vows to continue raising national issues independently.

The curious case of Rajesh Exports: Massive revenues, meagre profits

Mumbai: It is India's fourth biggest company by revenue, but the managing director of precious metals trader Rajesh Exports (REL) apparently doesn't know how and from where it gets the biggest chunk of the revenue, show the findings of a regulatory investigation.In its investigation report, the Securities and Exchange Board of India observed allegedly unscrupulous activities by REL's promoters, such as accounting irregularities and siphoning off of company funds into personal accounts, and also pointed out lapses by its auditors. The regulator said the company and its auditors were non-cooperative."The acts of REL constitute a deliberate device, scheme and artifice to mislead and defraud investors dealing in the shares of REL by portraying an inflated and misleading picture of its operational scale, revenue and financial health," Sebi observed in its report.The company, eponymously named after its chairman Rajesh Mehta, is accused of committing an elaborate financial fraud that includes dressing-up of revenues of ₹15.15 lakh crore over the years, personal gold trades covered up as corporate sales and phoney gold mine investments of ₹1,035 crore, according to the interim report.REL denied the charges of misdeeds. In a press release Thursday, the company said the revenues stated in its financials were correct and that the confusion arose because of a mix-up between Ebitda and revenue numbers at Swiss refiner Valcambi SA, an indirect subsidiary.Sebi has not made any adverse observation with regard to earnings, the company said, claiming that the regulator has only observed suspicion with regard to revenues which was primarily because of confusion over the Valcambi numbers.Numbers don't add upIn fiscal 2025, REL reported consolidated revenue of ₹4.23 lakh crore against a profit after tax of just ₹95 crore, translating into a net margin of barely 0.02%. The year before, on ₹2.8 lakh crore revenue, profit was ₹336 crore.Experts who have studied the Sebi report and the company's annual reports say the numbers did not add up. The business appeared to be operating at margins that were not merely thin but structurally negligible, they said."It looks like a case of pass-through accounting. There is no value creation. It was 'flow of gold' being booked as revenue," said a leading auditor on the condition of anonymity.Sebi, which began the investigations in March 2024 following a shareholder complaint about suspected accounting malpractices, said it found that about 97-99% of REL's consolidated revenues were attributed to its overseas subsidiaries, principally Valcambi. But Valcambi's own accounts, audited by KPMG SA, recorded only processing fees that were about ₹3,027 crore across five years.Valcambi refined gold on behalf of clients and never took ownership of the precious metal or recognised the value of gold as revenue in its books. Yet, Global Gold Refineries AG (GGR), the parent of Valcambi that had no independent operating business, recorded gross revenues running into hundreds of crores by including the gross value of gold that actually belonged to others, according to the Sebi report.Rajesh Exports, which owns GGR through a Singapore subsidiary, used those unaudited figures in its financial statements, significantly bumping up the company's revenue, it said.In its press release, REL said: "The core observation in the order is with regard to the misreporting of the revenues. This has emerged primarily due to confusion because Sebi has considered the Ebitda of Valcambi instead of revenue hence it has stated that there is a difference of about 97% in the revenue.""There is no reason for any listed entity to inflate revenue and maintain the earnings, this will only reduce the margins of the company, which would be adverse to the company," it said.Senior management in the darkThe senior management of REL told regulators that most of them were in the dark about the company's overseas operations and only the promoter, Rajesh Mehta, dealt with those activities."Valcambi SA does not have any gold mine on its own," managing director Suresh Gowda was quoted in the Sebi order as saying. "It refines the raw gold purchased by it from various entities, whose names I do not recollect, as these things are exclusively handled by Rajesh Mehta, chairman of REL. I have never interacted nor involved with any subsidiary/step-down subsidiary of REL, as these were exclusively taken care of by Rajesh Mehta," he told the investigators, as per the order.According to the report, REL booked ₹11,487 crore in sales between 2021-22 and 2023-24 to Affluence Shares and Stocks, a broker that made up to 66% of the company's standalone revenue for that period. But Affluence, in formal depositions to the regulator, said it had not done any business with REL.Following the transaction trail, the investigators found out that the transactions were personal gold derivative trades executed by promoter Mehta using his own brokerage account and then recorded in the company's books as corporate sales, the order said.The investigators also found that Mehta used corporate funds. As per the Sebi observations, bank records show REL transferred ₹338.90 crore directly into Mehta's personal accounts between April 2020 and September 2025.Unlike in the case of Nirav Modi or Gitanjali Gems, who are accused of bank fraud, Rajesh Exports doesn't appear to have borrowed big from banks or through sale of bonds, according to regulatory filings.The company's market cap was just over ₹3,000 crore, as per Thursday's closing share price. LIC (10.8%) and Bridge India Fund (8.46%) are its major institutional shareholders."It is striking that, even at a peak market capitalisation of ₹25,000 crore, the company did not hold any analyst calls, a basic expectation for a listed company of that scale," said Shriram Subramanian, founder and managing director of InGovern Research Services, a corporate governance advisory firm.The regulator in 2024 hired BDO India Services to investigate. But the forensic audit faced problems at almost every stage of the investigation. It was denied access to ERP systems and was not provided a complete journal dump, preventing independent verification of transactions recorded in the books, according to the regulatory report.And the company declined to share subsidiary-level records with the investigator, citing Swiss data protection laws, limiting auditors largely to reviewing financial statements prepared by the management itself rather than underlying evidence, it said.What's also come under the scanner was the conduct of statutory auditors for the last few years: CA PV Ramana Reddy, the proprietor at PV Ramana Reddy & Co, and CA PL Venkatadri, partner at BSD & Co.The company's FY24 and FY25 annual reports, filed with the stock exchanges, carry an unqualified opinion from BSD & Co, which concluded that the financial statements presented a "true and fair view" in line with Indian Accounting Standards.The company's FY24 Directors' Report noted that the statutory and secretarial auditors had made no qualifications, reservations or adverse remarks.The Sebi report said for over five months, the auditors sat on the regulator's request for missing documents and statements.Emails sent to both audit firms did not elicit any response.REL closed 5% lower at ₹103.92 Thursday on the NSE. The shares are down from their peak of ₹1,028.40 on February 6, 2023.

US lawmakers defy Trump in voting to end Iran war

Republican lawmakers are showing rare signs of independent thought, voting against President Trump's priorities on Capitol Hill. Recent acts of rebellion include opposing the Iran war without congressional authorization and blocking a controversial fund for alleged Biden administration overreach. While Trump's grip on the GOP remains strong, these small but noticeable tremors suggest a shift in congressional dynamics.

Punjab Expands Health Cover To Senior Citizens Living Alone, Parents Of Children Abroad

Until now, the scheme largely covered families with at least two members. Under the revised guidelines, individuals living independently can enroll and avail of cashless benefits.

'No resignation, no new party': Tamil Nadu BJP chief dismisses Annamalai exit buzz

Tamil Nadu BJP president Nainar Nagenthran has dismissed rumors of K Annamalai's resignation or plans to launch a new political outfit, stating there are no differences between them. This clarification follows intense speculation after Annamalai's meeting with Union Home Minister Amit Shah, fueled by reported disagreements over alliance strategies and Annamalai's desire to build the BJP as an independent force.

Left parties seek independent probe into ‘lapses’ in DSC recruitment

CBSE results row: NSUI moves Delhi High Court seeking independent probe into on-screen marking process

The NSUI has petitioned the Delhi High Court for an independent inquiry into alleged irregularities in CBSE's on-screen marking system for class 12 exams, seeking manual rechecking of answer scripts due to systemic flaws which they claim are affecting students' futures.

Teen Who Flagged CBSE's OSM Tender Discrepancies Appears Before Parliament Panel | Watch

Sarthak Sidhant briefed a parliamentary panel on alleged CBSE OSM tender irregularities benefiting Coempt EduTeck, as Rahul Gandhi sought an independent judicial inquiry.

NSUI moves Delhi HC over CBSE’s On-Screen Marking system, seeks independent inquiry

NSUI petitions Delhi High Court for an independent inquiry into CBSE’s On-Screen Marking (OSM) system amid widespread student concerns

India to bargain in trade talks with US, UK

India is seeking to safeguard exporters’ interests in trade negotiations with the US and UK this week, with implications for trade deals with two of its major partners.India will ask for exemptions from any tariffs that may arise from ongoing US trade investigations during talks with a US team led by Brendan Lynch in New Delhi starting Tuesday. Separately, India’s Commerce Minister Piyush Goyal will hold talks with his UK counterpart Peter Kyle in New Delhi to seek exemptions for Indian steel exports from British safeguard duties due to take effect next month. New Delhi has warned it could scale back some concessions under the free trade agreement it signed with the UK last year if it does not receive relief.The talks come at a difficult moment for India. The war in Iran, which has severely disrupted shipping through the Strait of Hormuz, has hit not only energy supplies but also access to a key export market for Indian goods. While the government has moved to cushion the impact on exporters, concerns are growing that a prolonged conflict could weigh on trade this fiscal year. Trade agreements with the US and the UK could help cushion some of those headwinds while attracting foreign investment at a time when the rupee is under pressure. They are also a key part of Prime Minister Narendra Modi’s strategy to diversify India’s export markets amid growing geopolitical uncertainty.In the case of the US, however, some analysts argue that New Delhi has less reason to rush.The rationale for quickly concluding a trade deal weakened after the US Supreme Court struck down the reciprocal tariff framework, according to Ajay Srivastava, founder of the New Delhi-based Global Trade Research Initiative.“More importantly, a bilateral trade agreement would offer no guarantee against future US trade actions,” Srivastava said. “It would be wise to wait for US trade policy to stabilize than to lock itself into long-term expensive obligations.”Last year, the White House imposed some of the world’s highest tariffs on Indian goods, partly in response to New Delhi’s purchases of Russian oil. The two countries reached an agreement on an interim trade pact earlier this year, before the US Supreme Court struck down President Donald Trump’s sweeping reciprocal tariffs.Soon afterward, however, the Office of the US Trade Representative launched investigations under Section 301 of the Trade Act into several countries, including India, over concerns about forced labor and excess production capacity. If the investigations result in adverse findings, additional tariffs could be imposed.New Delhi has urged Washington to address the issue within the framework of ongoing trade negotiations rather than through unilateral measures. The matter is likely to feature in talks this week between Indian officials and a US trade delegation visiting New Delhi.“Our approach with the US needs a rethink,” said Abhijit Das, a New Delhi-based independent trade expert who has also worked with the Indian government. Also on Tuesday, UK’s Kyle is scheduled to meet Indian officials to discuss speeding up the implementation of the India-UK trade pact. The UK discussions are expected to focus on New Delhi’s concerns over Britain’s recent steel safeguard measures, which India says could restrict market access for its steel exports. On Monday, a senior Indian government official said New Delhi could scale back tariff concessions on a range of British products, including Scotch whisky, under the trade agreement signed last year if the issue is not resolved.

NTA’s re-exam portal comes under cybersecurity spotlight; researcher claims data exposure

The National Testing Agency’s (NTA) re-examination portal has come under scrutiny after cybersecurity researchers alleged vulnerabilities that could expose administrative data and provide unauthorized access to portal functions. The claims, shared online, remain independently unverified, and NTA has yet to respond to queries seeking clarification. The allegations emerge amid heightened concerns over the security of examination-related digital platforms following the recent controversy surrounding CBSE’s On-Screen Marking (OSM) system.

K. Annamalai's Political Future: A Potential Break from BJP Amid Rising Speculation | Plain Speak

K. Annamalai's Political Future: A Potential Break from BJP Amid Rising Speculation | Plain Speak | Speculation surrounding the future of senior BJP leader K. Annamalai has intensified following reports, political chatter, and posters urging him to lead a new movement in Tamil Nadu. The developments have fueled debate over whether Annamalai is preparing to chart an independent course or launch a non-political initiative after stepping down as the BJP's state president.The uncertainty has sparked intense discussion among party workers, supporters, and political observers. Questions are being raised about Annamalai's next move, the future direction of the BJP in Tamil Nadu, and the broader implications for the state's political landscape. While no official announcement has been made, anticipation continues to build ahead of what could be a significant development. n18oc_politicsn18oc_breaking-newsn18oc_indiaNews18 Mobile App - https://onelink.to/desc-youtube

Kharge's Return, Question Mark On Kamal Nath: Big Names Heat Up Congress's Rajya Sabha Race

Beyond its own leaders, the Congress is also negotiating with allies to secure representation in states where it lacks the numbers to independently elect candidates

West Bengal Cabinet undergoes expansion, 35 MLAs take oath as Ministers

13 BJP MLAs were sworn in as Cabinet Ministers, three as Ministers of State (Independent Charge), and 19 as Ministers of State in West Bengal Chief Minister Suvendu Adhikari’s Council of Ministers

Faultlines deepen within Association of Malayalam Movie Artistes

Actor Ansiba Hassan is unlikely to appear before the executive committee on Monday (June 1, 2026) to submit the evidence as she has asked for setting up an independent panel

From Blue-Eyed Boy To Lone Crusader: The Rise And Fall Of Annamalai In BJP

For a period, the BJP leadership appeared willing to back Annamalai's independent-growth strategy despite the fallout. But electoral realities would eventually force a reassessment

Suvendu Adhikari expands West Bengal cabinet, 35 more ministers sworn-in

BJP MLAs Rajesh Mahata, Indranil Khan and Malati Rava Roy were sworn in as ministers of state with independent charge in the Adhikari government.

IREDA shares drop 4% post Q4 results. What’s spooking investors?

The shares of Indian Renewable Energy Development Agency (IREDA) fell more than 4% on Monday after the company reported a consolidated net profit of Rs 493 crore for the fourth quarter of FY26, marking a nearly 2% year-on-year (YoY) decline from the Rs 502 crore net profit reported in the corresponding quarter of the previous fiscal year.IREDA shares dropped to Rs 127.81 apiece on the NSE, bucking the broader market optimism. The company on Friday reported a 14% YoY increase in revenue from operations to Rs 2,175 crore in Q4FY26, compared with Rs 1,905 crore in the year-ago period. Total income also rose 14% YoY to Rs 2,181 crore, while total expenses increased around 21.5% YoY to Rs 1,562 crore during the quarter under review.IREDA announces dividendAlong with its Q4 results, IREDA said its board of directors has recommended a final dividend of Rs 0.75 per share (7.5%) on a face value of Rs 10 each for FY26, subject to shareholders' approval at the upcoming Annual General Meeting (AGM). If approved, the dividend will be paid within 30 days of its declaration at the AGM. The record date for determining shareholder eligibility will be announced later.IREDA also said its board of directors has discussed the recent fines imposed on the company by BSE and NSE. The company said last week that the stock exchanges had levied fines of Rs 2,02,960 each for alleged non-compliance related to the composition of its board and certain other SEBI provisions during Q4."The company is regularly following up with the Administrative Ministry, i.e., the Ministry of New and Renewable Energy (MNRE), for the appointment of the requisite number of Independent Directors on the Board of IREDA and has requested that MNRE expedite the process for the appointment of Independent Directors (including a woman director). The Board also requested that the stock exchanges waive the fines imposed on the company and refrain from imposing any further fine or penalty, since the matter relating to the appointment of Independent Directors is beyond the control of the company and there is no violation on the part of the company," IREDA said in an exchange filing.IREDA share priceIREDA shares have declined more than 1% over the past week and 5% over the past month. The stock has fallen over 8% so far in 2026 and nearly 27% over the past year.The company currently has a market capitalisation of over Rs 35,930 crore and a price-to-earnings (P/E) ratio of nearly 20x.(Disclaimer: Recommendations, suggestions, views and opinions expressed by experts are their own and do not represent the views of The Economic Times.)

CCPA fines coaching institute Rs 7 lakh

New Delhi [India]: The Central Consumer Protection Authority (CCPA) has imposed a penalty of Rs 7 lakh on Vajiram and Ravi IAS Study Centre LLP for allegedly publishing misleading advertisements and concealing material information related to the success of candidates in the UPSC Civil Services Examination (CSE).According to a press release issued by the Ministry of Consumer Affairs, Food & Public Distribution, the final order was passed by the CCPA, headed by Chief Commissioner Nidhi Khare and Commissioner Anupam Mishra, after the authority found that the coaching institute had prominently advertised the achievements of successful UPSC CSE 2023 candidates without disclosing the specific courses undertaken by those candidates.According to the press release, the institute had claimed on its official website that "8 Rank Holders in the Top 10 are from Vajiram & Ravi", "37 Rank Holders in the Top 50 are from Vajiram & Ravi", and that "more than 30 per cent of the officers selected through UPSC Civil Services Examination are students of Vajiram & Ravi" every year.The CCPA's investigation reportedly found that seven of the eight top-10 rank holders and 29 of the 37 candidates in the top 50 had enrolled only in the institute's free Interview Guidance Programme (IGP).Also Read: Nearly 5.49 lakh candidates appeared in civil services preliminary exam: UPSCThe authority further noted that a large majority of successful candidates associated with the institute in recent years had participated only in the IGP. According to the findings cited in the press release, 86.36 per cent of successful candidates in 2021, 78.31 per cent in 2022, 97.56 per cent in 2023, and 71.69 per cent in 2024 had enrolled solely in the interview guidance programme.The CCPA observed that the Interview Guidance Programme begins only after candidates independently clear the Preliminary and Mains stages of the UPSC examination. By featuring such candidates in advertisements for comprehensive coaching programmes without clarifying the nature of their enrolment, the institute allegedly created the impression that their success was attributable to its full-length coaching courses.The authority held that the non-disclosure of important information regarding the courses opted for by successful candidates amounted to a misleading advertisement under Section 2(28)(iv) of the Consumer Protection Act, 2019, and violated consumers' right to be informed under Section 2(9) of the Act, the release said.The press release stated that the CCPA has so far issued more than 60 notices to coaching institutes for misleading advertisements and unfair trade practices and has imposed penalties exceeding Rs 1.46 crore on coaching centres preparing students for examinations such as UPSC, IIT-JEE, NEET, RBI and other competitive tests.

'Differing opinions shouldn't shock': RSS leader on Cockroach Janata Party buzz

RSS Prachar Pramukh Sunil Ambekar downplayed concerns about the satirical "Cockroach Janata Party" (CJP), stating that open debate and differing views are normal in a democratic society. He emphasized India's aware populace, transparent elections, free media, and active public discourse, asserting that institutions and political parties are capable of handling such discussions independently.