Overview

• SEBI found Seacoast misrepresented results across FY21–FY24, with about 85% of reported sales and 98% of declared assets deemed fictitious.
• Seacoast and promoters Manish and Sameer Shah are barred from the securities market and public fund-raising for five years from September 2024, while certain directors face one-year restrictions.
• Promoter Manish Shah must return Rs 47.89 crore in unlawful gains with 12% annual interest to the Investor Protection and Education Fund within 45 days.
• Monetary penalties totaling roughly Rs 1.97 crore were levied on the company, promoters and other directors, and a fraudulent preferential allotment of 1.50 crore shares to Manish Shah was established.
• The regulator rejected the promoters’ kidnapping-for-ransom explanation for diverted rights-issue proceeds and ordered governance fixes, including a new audit committee, with earlier impoundments, account freezes and a trading suspension still in effect.