sebi:WTM/AB/CFID/CFID-SEC6/30827/2024-25
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Facts / Headnote
Interim directions issued: Noticee Nos. 2 and 4 to 10 directed to credit alleged unlawful gains to an interest-bearing escrow account within 15 working days, restrained from disposing of assets, and Noticee No. 1 directed to constitute a new Audit Committee to consider SEBI's findings.
Provisions invoked
- s. 19
- s. 11(1)
- s. 12A
- s. 15H
- s. 27
Regulations
- Reg. 3
- Reg. 4(2)(f)
- Reg. 3(a)
- Reg. 3(b)
- Reg. 201
- Reg. 33(3)(d)
- Reg. 4(1)(a)
- Reg. 33
- Reg. 6
- Reg. 6(1)
- Reg. 18(3)
- Reg. 23(2)
- Reg. 17(8)
- Reg. 4(1)(c)
- Reg. 4(2)(f)(i)
- Reg. 34(3)
- Reg. 32
- Reg. 6(2)(a)
- Reg. 18(2)
- Reg. 16(1)(b)
Parties
- Noticee No. 1 (Seacoast Shipping Services Limited)
- Noticee Nos. 2 and 4 to 10 (individuals including Mr. Manishkumar Raichand Shah, Mr. Sameer Amit Shah, and other preferential allottees/KMPs)
Holding
SEBI prima facie found that Seacoast Shipping Services Limited (SSSL) and its promoters/KMPs engaged in fictitious sales and purchases, fraudulent preferential allotments, diversion of funds (including rights issue proceeds), and misleading disclosures, warranting interim directions including attachment of alleged unlawful gains to an escrow account.
Full text
Interim Order in the matter of Seacoast Shipping Services Limited Page 2 of 96 (The aforesaid entities are hereinafter individually referred to by their respective names/Noticee No. and collectively as “Noticees” unless the context specifies otherwise).
Interim Order in the matter of Seacoast Shipping Services Limited Page 3 of 96 5. A snapshot of the annual financial performance of the Company as disclosed on the BSE website during FY 2019-20 to FY 2022-23 is as under: Table 1: Snapshot of Annual Financial Statements (Rs. in crore)
Interim Order in the matter of Seacoast Shipping Services Limited Page 4 of 96 following were/are the Board of Directors, Chief Financial Officer (CFO) and Company Secretary (CS) of SSSL during the investigation period, i.e., April 01, 2020 to December 31, 2023 [collectively referred to as ‘Key Managerial Personnel’ (KMP) of the Company]: Table 2 Sl. No. Name Category Appointment Date Cessation Date 1 Manishkumar Raichand Shah Chairman cum Managing Director May 04, 2020 - Chief Financial Officer March 03, 2023 - 2 Sameer Amit Shah Executive Director May 04, 2020 December 26, 2023 3 Sushil R Sanjot Independent Director May 08, 2020 April 14, 2023 4 Cheryl Manish Shah Non-Executive Non- Independent Director July 27, 2020 December 11, 2023 5 Vipul Sharadchandra Momaya Independent Director May 08, 2020 August 23, 2021 6 Rajiv Majumder Executive Director May 08, 2020 July 23, 2020 7 Pratikkumar N Ghoda Chief Financial Officer March 16, 2020 July 20, 2020 8 Parin N Shah Company Secretary October 01, 2017 January 12, 2021 9 Ankita D Soni Independent Director November 12, 2019 May 10, 2021 10 Jaydeep Bakul Shah Independent Director June 02, 2022 January 01, 2024 11 Apurv Kumar P Patel Independent Director June 02, 2022 April 04, 2023 12 Vinay Kumar Jain Company Secretary May 02, 2023 September 01, 2023 13 Pawansut Swami Company Secretary March 22, 2022 May 01, 2023 14 Dhruval Kumar Patel Chief Financial Officer June 02, 2022 March 03, 2023 15 Parth A Patel Company Secretary March 11,
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Source: SecMarx — sebi:WTM/AB/CFID/CFID-SEC6/30827/2024-25. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.