Wadias, BDMCL likely to file appeal before SAT against Sebi order

Sebi has charged the violators under the Prevention of Fraudulent and Unfair Trade Practices Regulations for alleged misrepresentation of financial statements

Wadia-group owned Bombay Dyeing, and Manufacturing Company Ltd (BDMCL) may file an appeal before the Securities Appellate Tribunal (SAT) against the Securities and Exchange Board of India’s (Sebi) order barring the company and the promoters Nusli Wadia, sons Ness Wadia and Jehangir Wadia from accessing the securities market for two years.

In its order issued on Friday, Sebi has charged the violators under the Prevention of Fraudulent and Unfair Trade Practices (PFUTP) Regulations for alleged misrepresentation of financial statements. The markets regulator also slapped a cumulative penalty of Rs 15.75 crore on eight individuals and two entities.

Calling Sebi’s order a wrong