Chennai: Chowgule Steamships Ltd (CSL) promoter-group minority shareholder Sheela Yeshwantrao Chowgule has filed complaints with SEBI, the National Company Law Tribunal (NCLT), the Registrar of Companies (RoC) and the Income Tax department, alleging governance lapses, undisclosed related-party transactions and irregular approvals, according to copies of the complaints.
At the centre of the controversy is CSL’s wholly owned offshore subsidiary, Chowgule Steamships Overseas Ltd (CSOL), which sold its vessels in 2018–19 before seeking retrospective shareholder approval at the July 2019 AGM. The explanatory statement allegedly failed to disclose that the transactions had already been completed without the required prior approvals.
The complaints also question a $6.4 million loan extension reported in 2020–21, citing records indicating that Quail was compulsorily wound up in July 1974 and had not filed statutory returns since.
The allegations raise questions over disclosure and oversight of offshore transactions and warrant examination by the relevant authorities, according to the complaints. Quail allegedly extended financial assistance to CSOL without adequate disclosure of its beneficial ownership or related-party status.