Allcargo Logistics Ltd on Friday (October 3) said its wholly owned subsidiary, ALX Shipping Agencies India Pvt. Ltd, has filed a complaint with the Economic Offences Wing (EOW), Mumbai, seeking criminal proceedings against its CEO and a promoter of one of its customers.
The complaint has been filed against Sandeep Bakshi, CEO of ALX, and Vishal Mehta, owner and promoter of Rushabh Sealink and Logistics Private Ltd, a customer of Aladin Express DMCC, for which ALX acts as the exclusive agent.
The company said the case has been registered under Sections 61 and 316 read with Section 3(5) of the Bharatiya Nyaya Sanhita, 2023. According to Allcargo, ALX had received a legal notice from Mehta making significant monetary claims. A preliminary internal investigation by ALX revealed alleged irregularities and criminal conspiracy between the two accused.
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The alleged acts involved attempts to make ALX liable for payments to Rushabh by signing agreements that created a liability of ₹10 crore, linked to freight advances paid to shipping lines and settled through various voyages, without proper authority or validity.
The complaint also notes that Mehta has filed complaints against multiple entities, including ALX. Allcargo added that it continues to investigate the matter internally, while also seeking an official investigation into alleged criminal defamation through baseless media statements by Mehta.
The company clarified that the development has no impact on the financial, operational, or other activities of Allcargo Logistics. Shares of Allcargo Logistics Ltd ended at ₹32.19, down by ₹0.18, or 0.56%, on the BSE.
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