Britannia broke listing rules by not reporting Ness Wadia arrest: InGovern

Britannia Industries violated listing regulations by not reporting the arrest of its promoter and director, says proxy advisory and corporate governance firm.

Britannia Industries violated listing regulations by not reporting the arrest of its promoter and director Ness Wadia in Japan in March, said a proxy advisory and corporate governance firm on Monday.

InGovern founder Shriram Subramanian said the directors on the board of Britannia Industries should ask themselves whether the continuance of Wadia, who was given a two-year suspended sentence in Japan for drug possession, was good for corporate governance.

Citing Sebi's listing obligations and disclosure requirements (LODR), he said a company has to report any fraud, default by promoter or arrest of key managerial persons or promoters as it is a material