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The Delhi High Court has asked SEBI to consider PG Paper's fraud representations against Skyways and Brace Port. The order pushes regulatory scrutiny alongside an ongoing criminal investigation into alleged over-invoicing and forged documents.
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London,UPDATED: Aug 27, 2026 21:04 IST
UK-based paper and packaging products company PG Paper has welcomed a recent Delhi High Court order directing the Securities and Exchange Board of India (SEBI) to review its allegations of fraud against Indian logistics company Skyways and its subsidiary Brace Port.
The Scotland-headquartered company said the court had earlier this week asked SEBI to consider and decide its representations within two weeks. PG Paper said the allegations are also part of an ongoing criminal investigation in India.
PG Paper's Indian-origin husband-wife joint CEOs, Poonam Gupta and Puneet Gupta, said they had spent years building a case against the New Delhi-based company and its subsidiary. They said they succeeded in getting FIR No. 0172/2025 registered through the Economic Offences Wing of the Delhi Police, which alleges systematic fraudulent over-invoicing and forged documentation by entities within the Skyways Group.
"We built this business over decades on trust and plain dealing, and it has been deeply troubling to see that trust betrayed," said Dr Poonam Gupta, Chairman and Joint CEO, PG Paper Company Limited.
"We are grateful the [Delhi High] Court has directed SEBI to now give our representations proper, timely consideration, and we will keep pursuing every legitimate avenue available to us until this matter is resolved fairly," she said.
The Scottish company also welcomed the "expedition" shown by the court in the matter. "We recognise the court has made no finding on the merits of our allegations or our locus to approach SEBI -- those matters rightly remain for SEBI and the ongoing criminal investigation to determine," PG Paper said.
The ongoing criminal proceedings were also disclosed in the offer documents related to the Skyways IPO. According to the allegations, freight charges were inflated in some instances by around 40 per cent to as much as 300 per cent over prevailing market rates. The allegations remain subject to investigation and consideration by the relevant authorities in India.
In sum, PG Paper has welcomed the Delhi High Court's direction to SEBI to review its allegations, while maintaining that the matter is now before market regulator SEBI and the criminal investigation authorities in India.
With PTI Inputs
- Ends
Published By:
India Today Web Desk
Published On:
Aug 27, 2026 21:04 IST
