Sebi has barred 10 entities, including Bombay Dyeing & Manufacturing Company Ltd and its promoters—Nusli N Wadia, Ness Wadia and Jehangir Wadia—from the securities markets for up to two years and levied a fine totalling Rs 15.75 crore on them for being involved in a fraudulent scheme
Securities and Exchange Board of India (Sebi) has barred 10 entities, including Bombay Dyeing & Manufacturing Company Ltd and its promoters Nusli N Wadia, Ness Wadia and Jehangir Wadia from the securities markets for up to two years.
The Securities & Exchange Board of India (SEBI) order that prohibits Bombay Dyeing and its promoters, Nusli Wadia, Ness Wadia and Jehangir Wadia from accessing the capital markets for two years and attracted heavy penalties was examining .
The Securities & Exchange Board of India (SEBI) order that prohibits Bombay Dyeing and its promoters, Nusli Wadia, Ness Wadia and Jehangir Wadia from accessing the capital markets for two years and attracted heavy penalties was examining allegations that Bombay Dyeing was involved in publishing untrue financial statements and constitute manipulative and fraudulent and unfair trade practices against the minority shareholders of Bombay Dyeing and Manufacturing Company Ltd (BDMCL) and the market at large.
It is alleged that BDMCL fabricated a fraudulent scheme whereby it sold flats/allotment rights to Scal, a group company, and ensured that it continues to recognise the revenue based on MoUs entered into with Scal irrespective of whether or not the flats were further sold to retail customers by Scal.It h