Bombay Dyeing and Manufacturing Firm Ltd has been barred by the nation’s capital market regulator from the securities markets for 2 years.
The corporate, which is a part of the Wadia Group and is engaged within the enterprise of actual property, polyester and textiles, is amongst 10 entities going through penalties for allegedly misrepresenting monetary statements.
The Securities and Alternate Board of India (SEBI) issued an announcement late Friday barring Bombay Dyeing and its “promoters” (house owners) – Nusli N Wadia and his sons, Ness and Jehangir – from the securities markets for as much as two years.
Additionally named and penalised are Scal Companies Ltd, a Wadia Group firm, its former administrators D S Gagrat, N H Datanwala, Shailesh Karnik and R Chandrasekharan, and Durgesh Mehta, who was joint managing director and chief monetary officer of Bombay Dyeing.
The Wadia Group is likely one of the oldest conglomerates in India with presence in a number of diversified industries, together with client items, actual property, civil aviation, textiles, chemical substances and meals processing.
4 firms within the Wadia Group are listed on Indian Inventory Exchanges, together with Bombay Dyeing.
SEBI stated it imposed fines totalling ₹1,575 lakh ($1.91 million) on the named events for “being concerned in a fraudulent scheme of misrepresenting the corporate’s monetary statements.”
The regulator stated it had carried out an in depth investigation into the affairs of Bombay Dyeing from 2011-2012 and 2018-2019.
The Wadia Group has been contacted for remark.