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Home»Business»SEBI restrains Nusli Wadia, sons from share market for 2 yrs
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SEBI restrains Nusli Wadia, sons from share market for 2 yrs

October 26, 2022No Comments2 Mins Read
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The Securities and Change Board of India on Friday restrained industrialist Nusli Wadia, his sons Ness Wadia and Jehangir Wadia, and the corporate promoted by them — Bombay Dyeing and Manufacturing Firm Restricted (BDMCL) — from accessing the securities market and from shopping for, promoting or in any other case dealing in securities in any method for 2 years.

SEBI’s entire time member Anant Barua has additionally imposed penalties of ₹5 crore on Jehangir Wadia, ₹4 crore every on BDMCL and Nusli Wadia, and ₹2 crore on Ness Wadia for deliberate misrepresentation of monetary statements of BDMCL between 2011-12 and 2017-18.

“I notice that due to the misrepresentation of monetary statements of BDMCL, the revenues and revenue of BDMCL had been inflated by ₹ 2,492.94 crores and ₹1,302.20 crores, respectively, from FY 2011-12 to FY 2017-18,” Barua mentioned within the order.

The SEBI had launched an investigation after receiving complaints that BDMCL was utilizing one Scal Providers Restricted to artificially inflate its gross sales and revenue and accordingly misrepresented the monetary statements.

Based mostly on the complaints, the market regulator had issued notices to BDMCL and its promoters — chairman Nusli Wadia, his son and managing director Ness, one other son and non-executive director Jehangir, and likewise Scal Providers and its administrators.

After listening to them, the board discovered substance within the complaints and on Friday handed the order, additionally imposing restrictions on Scal Providers and its then administrators; it additionally imposed a penalty of ₹1 crore on the corporate and of varied quantities on its administrators.

Scal Providers, which based on the notices issued by SEBI, was not directly managed by Wadias, was ultimately merged in BDMCL in July 2018.

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