case₹17 Crpage 351
GST demands against Company for FY 2018-19 through FY 2022-23 (plus FY 2017-18), aggregate ₹1,748.55 lakh in basic tax, interest and penalty across six demand orders; appeals pending before appellate authorities
ListedSMEConsumer FoodSHELLZ
Shellz India IPO
Shellz India IPO is an SME IPO raising ₹60 Cr at ₹170 – ₹179 a share. It listed on 23 Oct 2026 at ₹179, 0.0% against its issue price of ₹179, and trades at ₹162 today (−9.8% since issue). It was subscribed 51× in total.
₹179
Issue price
₹162
Price now
−9.8%
Since issue price
23 Oct 2026
Listed on
51×Subscribed (final) · all exchanges
50.8 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹0.3 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 32 | 9 | 20 | ₹30 Cr |
| Promoters | 8 | 2 | 5 | ₹7.6 Cr |
| Directors | 0 | 0 | 0 | — |
| subsidiary | 1 | 1 | 2 | ₹2.9 Cr |
| Group companies | 2 | 3 | 0 | ₹0.3 Cr |
| Subsidiaries | 0 | 0 | 0 | — |
case₹7.3 Crpage 357
Direct tax demand AY 2024-25 against Promoters Kapil Garg (₹360.70 lakh) and Shalini Garg (₹366.28 lakh), combined ₹726.98 lakh under Section 144; appeals pending before CIT(A) NFAC
case₹1.9 Crpage 353
CVS Packaging Pvt Ltd v. Shellz India, Kapil Garg & Shalini Garg (OMP(Comm) 40/2026 under Section 9 of Arbitration Act read with Section 18 of MSMED Act), claim of ₹187.98 lakh (principal ₹92.12 lakh + interest ₹95.86 lakh); asset attachment/injunction sought
case₹1.6 Crpage 353
Babita Garg & Anr. (erstwhile partners of M/s Baba Industries) v. Shellz India (Counter Claim (Comm) No. 7/2026 in CS(Comm) 399/2025), claim of ₹158.71 lakh (principal ₹119.74 lakh + pre-suit interest ₹38.97 lakh at 12%)
casepage 349
Ujala Stainless Pvt Ltd — FIR No. 0019/2025 dated 23.01.2025 at PS Rai, Sonipat, against Company, Kapil Garg, Shalini Garg, Ishan Aneja & Ashish Khokhar alleging offences under IPC 120-B, 420, 467, 468, 471; P&H HC in CRM-M-7251-2025 has stayed filing of challan; Final Report obtained under RTI records allegations as baseless
All amounts originally stated in ₹ lakhs; converted to ₹ crore (1 crore = 100 lakhs). Bucket totals are sums of stated amounts across proceedings filed by and against each party. Company criminal (32) comprises 6 proceedings against (Kumar Petrochem 1, Mohan Ram Trading 1, Shrinath Roto Pack 3, Ujala FIR 1) plus 26 cheque-bounce complaints filed by (across 18 distinct accused parties). Promoter criminal (8) = 6 cross-referenced against-company proceedings (Kapil/Shalini as co-accused) + 2 infructuous quashing petitions filed by Shalini Garg (CRM-M-58190-2025 and CRM-M-58194-2025). Promoter 'other' (5) cross-references 5 FSSAI/FDA regulatory actions against Kapil Garg per the cross-reference in the Promoter section. Subsidiary 'other' (2) are two CESTAT customs appeals by Shellz Overseas Pvt Ltd (duty of ₹16.16 lakh and ₹162.84 lakh, both pending). Grand total amount not explicitly stated in the prospectus; calculated sum of quantified bucket amounts ≈ ₹40.35 crore. Materiality threshold for disclosure = lower of 2% turnover (₹385.23 lakh), 2% net worth (₹117.90 lakh) or 5% average absolute PAT (₹44.88 lakh) = ₹44.88 lakh.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.