sebi:WTM/KV/CFID/CFID-CORD/31688/2025-26
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Facts / Headnote
Violations established against Noticee Nos. 1-3, 11, 12 and 14-22 under PFUTP Regulations and LODR Regulations; Noticee No.1 restrained from raising money from public for 5 years from September 30, 2024, Noticee No.2 directed to disgorge Rs.47,89,87,587 with 12% interest to IPEF, monetary penalties imposed on Noticee Nos.1-3, 11, 12 and 14-22, and Audit Committee reconstitution directed.
Provisions invoked
- s. 11B
- s. 11
- s. 19
- s. 12A
- s. 15H
- s. 27
- s. 12
- s. 11A
- s. 15I
- s. 15J
- s. 15
- s. 11C
- s. 15F
- s. 29
- s. 11(5)
- s. 313
Regulations
- Reg. 4
- Reg. 3
- Reg. 6
- Reg. 17
- Reg. 4(2)(f)
- Reg. 200
- Reg. 2
- Reg. 3(a)
- Reg. 34
- Reg. 23
- Reg. 3(b)
- Reg. 18
- Reg. 33
- Reg. 27
- Reg. 32
- Reg. 33(3)(d)
- Reg. 4(1)(a)
- Reg. 6(1)
- Reg. 48
- Reg. 18(3)
Holding
SSSL, Manish Shah and Sameer Shah fraudulently misrepresented financial statements, made fraudulent preferential allotments without consideration and diverted Rights Issue and bank funds, violating PFUTP and LODR Regulations, while director/audit committee/compliance officer Noticees violated LODR governance duties, warranting market restraint, disgorgement, and penalties.
Full text
Final Order in the matter of Seacoast Shipping Services Limited Page 2 of 187 TABLE OF CONTENTS A. BACKGROUND ............................................................................................ 3 B. PROCEEDINGS BEFORE HON’BLE SECURITIES APPELLATE TRIBUNAL (SAT) ........................................................................................................... 10
Final Order in the matter of Seacoast Shipping Services Limited Page 3 of 187 A. BACKGROUND 1. The present proceedings emanate from an investigation conducted by the Securities and Exchange Board of India (hereinafter referred to as “SEBI”), for the period from April 01, 2020 to December 31, 2023 (hereinafter referred to as “Investigation Period/IP”), inter alia , to examine and ascertain whether there has been any violation of the provisions of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”), SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”), SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as “LODR Regulations”) by Noticees.
Final Order in the matter of Seacoast Shipping Services Limited Page 4 of 187 4. Pursuant to the investigation, an Interim Order cum Show Cause Notice dated September 30, 2024 (hereinafter referred to as the “Interim Order cum SCN”) was issued by SEBI against Noticees. As regards the Company, the Interim
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Source: SecMarx — sebi:WTM/KV/CFID/CFID-CORD/31688/2025-26. 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.