The company said that Mehta preferred to retire, hence suggested resignation and there is no other material reason for the resignation.

Further, the company added that its board of directors have resolved to appoint an appropriate person preferably non related to the chairman as a managing director within the mandated period.

Rajesh Exports is one of the largest manufacturers of gold products in the world. The company exports its products to various countries around the world and also supplies its products in wholesale market and jewellery showrooms across India.

The company's consolidated net profit rose 27.9% to Rs 372.96 crore on a 94.62% jump in revenues to Rs 80,270.06 crore in Q2 FY23 over Q2 FY22.