Skyline Ventures detects fraud, delays FY26 results submission
Skyline Ventures India Limited reported a delay in FY26 financial results due to board disputes and detected fraud. Forensic auditors are investigating unsecured loans and unauthorized payments. Operations stalled since January 2026 due to MCA and banking issues.
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Skyline Ventures India Limited has intimated BSE Limited regarding a delay in submitting its financial results for Q2, Q3, and Q4 of FY 2025-26, citing board restructuring, non-cooperation from former directors, and the discovery of fraudulent transactions. The company revealed that forensic auditors have been appointed to investigate irregularities in its books of accounts between October 1, 2025, and December 31, 2025. This development follows a deadlock in operations since January 1, 2026, due to unresolved issues with director appointments and bank account access.
The company identified fraudulent transactions, including unwanted unsecured loans, payments to existing lenders, salaries to individuals not on the payroll, and payments to consultants for services that were not required. Consequently, Skyline Ventures filed an FIR at Madhapur Police Station in Hyderabad. Shareholders approved the appointment of M/s Sarat & Associates as forensic auditors at an EGM on December 31, 2025, with the Board approving the appointment on January 9, 2026.
Governance and Operational Deadlock
A change in Board composition on December 31, 2025, led to significant operational disruptions. The newly appointed Directors have not been reflected in the master data on the MCA portal because outgoing Directors failed to file the necessary DIR 12 form. This non-cooperation has prevented the new Board from updating authorised signatories with HDFC Bank, effectively stalling banking operations and statutory compliances since January 1, 2026.
The company stated that former Directors, including Mr Nikshit Hemendra Shah, Mr Ajay Kumar Giri, Mr Anil, Ms Hanna Priyadarshini, Ms Asha Mitta, and former CFO Ms Swapna, failed to publish financial results for Q2 of 2025-26 by the due date of November 14, 2025. The outgoing CFO resigned on January 1, 2026, but her resignation has not been accepted by the new Directors, further complicating the compliance process.
Auditor Changes and Expected Timeline
The statutory auditor, M/s K S Rao & Associates, resigned on May 27, 2026. To fill the casual vacancy, the company appointed M/s B N Pai & Co. as Statutory Auditors on June 1, 2026. The new auditors have commenced the audit and re-audit process to ensure compliance with accounting standards.
Skyline Ventures is coordinating with the Registrar of Companies, Hyderabad, to update director details. The company expects to submit the pending financial results within 15 days from the date the MCA portal updates its master data with the new Directors' names. It has requested BSE to consider these circumstances sympathetically, specifically regarding the suspension of trading notice dated May 13, 2026, and potential penalties.
| Period | Due Date | Status |
|---|---|---|
| Q2 FY 2025-26 | November 14, 2025 | Not published |
| Q3 FY 2025-26 | February 14, 2026 | Not published |
| Q4 FY 2025-26 | May 31, 2026 | Not published |
What is the estimated financial impact of the fraudulent transactions on the company's balance sheet for FY 2025-26?
How likely is it that BSE will grant the requested relief regarding the suspension of trading and potential penalties?
What are the potential legal liabilities for the former directors and CFO named in the regulatory filing?
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