A two-member bench comprising members TR Sridharan and NR Banerji stated that Damania Shipping which was not covered under the Sick Industrial Companies Act, 1985 (SICA) had approached the board with 'dubious intentions and unclean hands'.

The bench said that SICA clearly prohibits a shipping company to be covered under its provisions and added that in order to become eligible, Damania Shipping obtained a factory licence just four days prior to filing a reference with the board.