Just before the IPO, Skyways Air Services Limited has suffered a big setback. The Economic Offenses Wing of Delhi Police has registered an FIR on the complaint of UK-based PG Paper Company Limited for alleged fraud of about Rs 480 crore.
Nine companies and individuals have been named in the complaint, including Skyways Air Services Limited. The FIR alleges offenses under the Indian Civil Code (BNS), Prevention of Money Laundering Act (PMLA) and Foreign Exchange Management Act (FEMA).
According to the copy of the FIR, PG Paper has alleged that Skyways Group’s associate companies—Brace Port Logistics and Skyways Airways Limited—played a key role in the alleged fraud. The complaint also names Lokendra (Lokesh) Chopra, who worked as Global Freight Procurement Manager for PG Paper through RPK Consultants. The allegation is that he misused his position and colluded with the concerned companies.
PG Paper claims shipment bookings were manipulated, business opportunities were diverted and freight charges were charged far above market rates. The complaint also includes serious allegations like fraud, bribery, misrepresentation, embezzlement and destruction of evidence.
Skyways Air Services issued a statement saying that this FIR was not in existence at the time it filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company said that now the details of this FIR will be included in the red herring prospectus.
The company also clarified that the matter is under investigation and it is considering legal options. The company recently raised approximately Rs 48.23 crore by issuing more than 40 lakh equity shares at Rs 120 per share under pre-IPO placement. According to the company, the size of the fresh IPO issue will now be reduced in the same proportion. At present the matter is under investigation. This controversy, which came before the IPO, has increased vigilance among investors, while the direction of regulatory processes and legal action remains under watch.
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