SEBI has barred Bombay Dyeing and Manufacturing Company Limited and its promoters Nusli N Wadia, Ness Wadia and Jehangir Wadia from dealing in securities market for two years.
The Securities and Exchange Board of India (SEBI), the agency that regulates the stock market, has banned Bombay Dyeing and Manufacturing Company Limited, apart from the promoters of the company and billionaire Ness Wadia family for two years. Sebi has also imposed this restriction and penalty on Wadia group company Skal Services Ltd and its then directors DS Gagrat, NH Datanwala, Shailesh Karnik, R Chandrasekaran and Bombay Dyeing’s joint managing director and chief financial officer Durgesh Mehta. Along with the ban, SEBI has also imposed a fine of Rs 15.75 crore on them, which they will have to pay within 45 days.
This is the whole matter
Bombay Dyeing and Manufacturing Limited Company has been accused of misrepresentation of financial details, after receiving a complaint of which SEBI has detailed the cases of Bombay Dyeing and Manufacturing Company Limited (BDMCL) between the financial years 2011-12 to 2018-19. examined.
The SEBI probe revealed that the banned promoters and companies had acted to influence the financial details of BDMCL by misrepresenting profits of Rs 1,302.20 crore from the sale of Rs 2,492.94 crore. The Wadia family has also played an important role in this whole matter.
They were also banned for two years earlier.
Let us inform that earlier SEBI had banned Global Research, Pawan Bhise, Vilash Bhise and Anshuman Bhise for two years. They are accused of giving unauthorized advice without regulatory authorisation. According to SEBI, from April 2018 to March 2019, all these people had earned about Rs 43 lakh by giving investment advice. SEBI had also ordered them to refund the money earned from the clients within 3 months.