Skyline Ventures India Ltd, a listed firm, has identified a suspected financial fraud based on preliminary findings and filed an FIR against former directors and associated persons.
The development follows a series of transactions and governance lapses that have raised concerns over alleged fund diversion, misrepresentation and possible falsification of accounts, the company said in a regulatory filing.
Estimated impact
The financial fraud is presently estimated to be about ₹10.45 crore (based on current market capitalisation) and ₹1.78 crore towards unsecured loan exposure and have occurred between October-November 2025 and September 2023.
Persons involved
The FIR has been preferred against Skyline Ventures India former director Prashanth Mitta, former managing director Asha Mitta and associated persons (Verrkotech Solutions Pvt Ltd Director Kishore Kumar Nagilla) and (Raj Breeders and Hatcheries Pvt Ltd MD Gaurav Khurana).
Loan transactions under scrutiny
Skyline Ventures noted that shortly after shareholders rejected the reappointment of Prashanth Mitta and financial statements at the September 2025 AGM, an unsecured loan of around ₹1.78 crore was obtained from Raj Breeders and Hatcheries Pvt Ltd.
The loan was reportedly linked to a work order from Verrkotech Solutions Pvt Ltd, an entity that, prima facie, lacked the financial and operational capacity to award such a contract.
Governance and disclosure concerns
These borrowings and related transactions were not disclosed to shareholders or stock exchanges, potentially violating regulatory norms.
Further, both Skyline Ventures and Verrkotech reportedly had inactive GST registrations at the time, raising questions on the commercial substance of the transactions.
Alleged diversion of funds
According to preliminary findings, funds obtained under the loan arrangement were allegedly transferred to multiple individuals without adequate documentation.
Some payments were reportedly routed to personal accounts of Prashanth Mitta, Asha Mitta and associated persons under heads such as salaries, loan repayments and contractor payments, indicating potential siphoning of funds.
Suspected falsification of records
The company also flagged possible retrospective alterations in its books of accounts, with certain transactions being reclassified to earlier periods.
Disclosures made to the stock exchange may not have fully reflected the underlying transactions, raising concerns of misstatement and falsification.
Insolvency proceedings triggered
Following these developments, Raj Breeders and Hatcheries Pvt Ltd filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 before the National Company Law Tribunal.
The sequence of events, including rapid loan disbursal and insolvency filing within a short span, has been termed commercially unusual in the company’s preliminary assessment.
Unauthorized control and board actions
The company further alleged that despite ceasing to be director, Prashanth Mitta continued to access and operate the company’s bank account, potentially misrepresenting himself as an authorised signatory.
A board resolution passed on October 3, 2025, approving his continuation as signatory is under question, given his cessation from the board and alleged conflict of interest involving Asha Mitta.
Shareholder intervention
In response to governance concerns, shareholders issued a requisition notice in October 2025 seeking removal of directors and appointment of a forensic auditor.
After the board failed to act, shareholders convened an Extraordinary General Meeting on December 31, 2025, removing the existing directors and appointing a new board.
Ongoing concerns
The company also highlighted that certain former directors and officials have not updated statutory records with the Ministry of Corporate Affairs, resulting in discrepancies in official filings.
Additionally, some company assets, including computers, are yet to be returned by former officials.
Investigation underway
Given the seriousness of the allegations, Skyline Ventures has sought a detailed investigation into unauthorised bank access, diversion of funds, falsification of records and potential nexus among involved entities.
The complaint also calls for tracing beneficiary accounts and initiating appropriate legal action against all persons found responsible.