Called out for misrepresenting financials and resorting to practices that harmed investors, the Bombay Dyeing chairman may still find a loophole to exploit.
The Securities and Exchange Board of India has found that Nusli Wadia’s flagship firm, Bombay Dyeing and Manufacturing Co. Ltd, misreported revenue and profits pertaining to its real estate business for seven years.
In an order dated 21 October, the market regulator slapped a fine of Rs 4 crore on Wadia and restrained him from accessing the capital market for two years. It also imposed fines on his two sons, Jehangir and Ness, along with several executives of his group companies and imposed restrictions on them too.
The SEBI order is significant for two reasons. One, this may well be …
Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.
Executive Editor
surendar@mailtmc.com
Mumbai