Archive · 19 Aug 2026
Skyways IPO Faces EOW Probe and AEO Suspension Risks
Skyways Air Services plans to sell shares to the public in an IPO.
The IPO is scheduled for August 24 to August 27, with shares priced between Rs 131 and Rs 138.
Before the IPO, the company disclosed that an investigation by the Economic Offences Wing is continuing.
The investigation concerns allegations including inflated invoices, fraud, forgery and conspiracy.
UK-based PG Paper made the complaint and claimed it lost at least Rs 44.20 crore.
It also said more than Rs 800 crore of business was conducted through Skyways-related companies since 2021.
Skyways’ customs-related certification has also been suspended.
The company has submitted a response, but the authorities have not yet decided the matter.
Skyways Air Services’ IPO is scheduled to open from August 24 to August 27 at a price band of Rs 131-138 per share.
The company disclosed an Economic Offences Wing investigation naming Skyways and subsidiary Brace Port Logistics in a case involving allegations of fraud, over-invoicing, forgery and conspiracy.
UK-based PG Paper Company alleged that Skyways group entities handled more than Rs 800 crore in business since 2021 and caused direct losses of at least Rs 44.20 crore.
The Central Board of Indirect Taxes and Customs issued a notice proposing suspension and revocation of Skyways’ Authorised Economic Operator-LO certificate.
Skyways’ AEO-LO status has been suspended since May 4, 2026, while its response submitted on July 28, 2026 remains under consideration.
- Who
- Skyways Air Services Limited, its material subsidiary Brace Port Logistics Limited, UK-based PG Paper Company Limited, the Economic Offences Wing, SEBI and the Central Board of Indirect Taxes and Customs.
- What
- Skyways disclosed an ongoing criminal investigation and the suspension of its Authorised Economic Operator-LO status ahead of its IPO.
- When
- The IPO is scheduled for August 24-27; the FIR was registered on December 12, 2025, and the AEO-LO status has been suspended since May 4, 2026.
- Where
- The FIR was registered by the Economic Offences Wing in Delhi; the complaint was made by a UK-based company.
- Why
- PG Paper alleged fraud, over-invoicing, bribery, forgery and conspiracy, while customs authorities are considering action related to the investigation.
Complainant and Regulatory Concerns
Company Disclosure and Response
Alleged over-invoicing and misconduct
Complainant and Regulatory Concerns
PG Paper alleged that Skyways group entities used inflated freight invoices, alleged bribery, fraud and misrepresentation, with charges reportedly 40% to 300% above prevailing market rates in some cases.
Company Disclosure and Response
The article does not report a substantive denial from Skyways; the company disclosed the FIR as an outstanding criminal proceeding in its offer documents.
Financial impact
Complainant and Regulatory Concerns
PG Paper alleged that business exceeding Rs 800 crore was conducted through related subsidiaries since 2021 and estimated its direct loss at at least Rs 44.20 crore.
Company Disclosure and Response
The reported Rs 44.20 crore figure is an allegation cited in the complaint and SEBI representation, not a finding described as established.
Customs certification
Complainant and Regulatory Concerns
CBIC issued a notice proposing suspension and revocation of Skyways’ AEO-LO certificate, and the status has remained suspended during the investigation.
Company Disclosure and Response
Skyways submitted a response to the competent authority on July 28, 2026, and the regulatory matter remains pending.
- IPO dates
- August 24 to August 27
- IPO price band
- Rs 131-138 per equity share
- IPO structure
- Fresh issue of up to 2.89 crore shares and offer-for-sale of up to 1.33 crore shares
- FIR
- FIR No. 0172 of 2025, registered by the EOW, Delhi, on December 12, 2025
- Alleged direct loss
- PG Paper estimated its direct loss at not less than Rs 44.20 crore
- AEO-LO status
- Suspended from May 4, 2026
- Company response
- Skyways submitted its response to the competent authority on July 28, 2026; the matter remains pending