SEBI, the agency that regulates the stock market, has banned Bombay Dyeing and Manufacturing Company Limited, apart from the promoters of the company and the billionaire Wadia family for two years. The promoters who were banned from the securities market include Nusli N Wadia, Ness Wadia and Jehangir Wadia. 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.
Action on former directors also
SEBI has also imposed restrictions on Wadia Group’s Scale Services Limited company. Along with this, SEBI has also taken action against the former directors of the company DS Gagrat, NH Datanwala, Shailesh Karnik, R Chandrasekaran and Durgesh Mehta.
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.
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.
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