The Rs. 15 lakh crore question which SEBI just asked
Published on: June 7, 2026, 6:46 p.m. | Source: The Economic Times
For years, a mid-cap company told shareholders it was one of the worlds largest players in its line of business by revenue. The claim was not small. Its reported turnover ran into lakhs of crores, making it look bigger than many of Indias well-known listed companies. Then one shareholder asked a basic question: Why was so much money owed to the company not coming in? That email sparked a SEBI investigation, which, beyond delayed receivables, struggled to find the real business behind the reported numbers. This is the story of how a company can appear enormous in its annual reports, while the transactions behind that size remain difficult to trace. It is also a story of warning signs that were not hidden. They were sitting inside the companys own disclosures, year after year.
