Bombay Dyeing moves SAT against Sebi's Rs 2.25 cr fine, two-year market ban

Sebi had passed the order on the firm, its promoter Nusli N Wadia, and three others for allegedly inflating financial statements; firm responded saying its accounting practice was wrongly interpreted

The Bombay Dyeing and Manufacturing Company has moved the Securities Appellate Tribunal (SAT) against an order passed by the market regulator Securities and Exchange Board of India (Sebi), imposing a penalty of Rs 2.25 crore and restraining it from accessing the securities market for a period of two years. 

“We have been informed that the company has filed an appeal before the Securities Appellate Tribunal against the said order of the Sebi. Thus, under the given circumstances, considering the uncertainty related to the matters arising out of the Sebi order, no impact is given in these unaudited standalone financial results of the company. Our conclusion is not qualified in this matter,” the company’s auditor said while declaring its September quarter financials. 

Last month, Sebi had restrained Bombay Dyeing along with its promoter Nusli N Wadia and three others from accessing the securities market for two years for allegedly inflating financial statements. The company in its response had said the regulator had wrongly interpreted its accounting practice.