London, Aug 27 (PTI) UK-based paper and packaging products company PG Paper, on Thursday, welcomed a recent Delhi High Court order directing the Securities and Exchange Board of India (SEBI) to review its allegations of fraud against an Indian logistics company.

The Scotland-headquartered firm's Indian-origin husband-wife joint CEOs, Poonam and Puneet Gupta, said they have spent years building a case against New Delhi-based Skyways and subsidiary Brace Port. They succeeded in registering FIR No. 0172/2025 through the Economic Offences Wing (EOW) 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 & 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.

Earlier this week, SEBI was directed to consider and decide PG Paper's representations within two weeks. The Scottish company 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 stated.

The ongoing criminal proceedings were also disclosed in the company's offer documents related to 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. PTI AK SKS SKS SKS