SAT relief for Bombay Dyeing and Wadias in Sebi market ban case

Tribunal stays order restraining company and promoters from capital markets for 2 years

Bombay Dyeing

Bombay Dyeing

Khushboo Tiwari Mumbai
In a relief to Bombay Dyeing and Manufacturing Company and its promoters Nusli Wadia, his sons Ness Wadia and Jehangir Wadia, the Securities and Appellate Tribunal (SAT) has stayed the effects of an order by the Securities and Exchange Board of India (Sebi) restraining them from the capital market for two years. The matter will be next heard in January 2023.

In an order dated October 21, Sebi had alleged that Bombay Dyeing with the help of its associate company Scal, had inflated revenues and profit by Rs 2,494 crore and Rs 1,302 crore, respectively, for a period from financial year (FY) 2011-12 to FY 2017-18.

A counsel for Bombay Dyeing argued that accounting standards do not require consolidation in accounting for

First Published: Nov 10 2022 | 2:31 PM IST

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