Skyline Ventures India Files FIR Over Alleged Fraud, Misappropriation of Funds

Skyline Ventures India Files FIR Over Alleged Fraud, Misappropriation of Funds​

Skyline Ventures India Ltd has filed a First Information Report (FIR) detailing suspected fraud involving former directors and associated parties. The company initiated the legal action, filing FIR No. 542/2026 at the Madhapur Police Station in Cyberabad on April 9, 2026. The allegations center on the misuse of funds, suspicious transactions, and potential falsification of records by former key personnel.

The FIR names Mr. Prashanth Mitta, former Director; Ms. Asha Mitta, former Managing Director; Mr. Kishore Kumar Nagilla, Director of Verrkotech Solutions Private Limited; and Mr. Gaurav Khurana, Managing Director of Raj Breeders and Hatcheries Private Limited, among others.

Suspicious Transactions and Loan Details​

The company’s internal review identified several suspicious transactions occurring between October and November 2025. These transactions relate to an unsecured loan of approximately Rs. 1.78 Crores, which was allegedly obtained from Raj Breeders and Hatcheries Private Limited. This loan was purported to be for executing a project from Verrkotech Solutions Private Limited.

The company noted that such borrowing and related transactions were not disclosed to shareholders or the stock exchange. Furthermore, the loan amounts were reportedly transferred to multiple individuals with questionable credentials, including payments categorized as salaries, repayment of old loans, and contractor payments.

Concerns Over Corporate Governance and Operations​

The narrative surrounding the transactions is marked by several governance concerns. Following the conclusion of the Annual General Meeting (AGM) on September 30, 2025, Mr. Prashanth Mitta ceased to hold office as a Director after the rejection of his re-appointment and the financial statements.

Allegations suggest that immediately following the AGM, the Board, led by then Managing Director Ms. Asha Mitta, obtained the unsecured loan under the pretext of a work order. The company also flagged that Verrkotech Solutions Private Limited appears questionable, allegedly lacking the financial and operational strength to legitimately award a work order of approximately Rs. 2.00 Crores, which could potentially scale up to Rs. 5.00 Crores.

Further complicating the matter, it was noted that Mr. Prashanth Mitta allegedly continued to access and operate the Company's HDFC Bank account by representing himself as an authorized signatory after ceasing his directorship.

Shareholder Intervention and Legal Proceedings​

The issues came to a head following shareholder actions. After the AGM 2025, shareholders issued a requisition notice on October 16, 2025, seeking the removal of several directors and the convening of an Extraordinary General Meeting (EGM).

Despite the previous Board, led by Managing Director Asha Mitta, failing to convene the EGM, the shareholders themselves issued a notice, successfully convening the EGM on December 31, 2025. At this meeting, the existing directors were removed, and new directors were appointed.

Despite these governance changes, former directors continued to be reflected on the MCA portal, with no action taken to update the master data.

Compounding the financial stress, Raj Breeders and Hatcheries Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, before the NCLT on November 10, 2025.

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Summary of Allegations and Financial Exposure​

The preliminary review and forensic audit revealed significant concerns across the company’s finances and governance structure. Key details include:


The company stated that the complaint seeks a detailed investigation into the alleged unauthorized bank access, diversion of funds, potential falsification of accounts, and misrepresentation before the bank and stock exchange.

Stock Price Movement​

Skyline Ventures India Ltd shares settled at ₹27.66 at the close of trade today, posting a notable gain of 4.97% compared to the previous session. Interestingly, the stock traded completely flat throughout the day, holding firm at the ₹27.66 price point.

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