Sebi bars Wadias, BDMCL from markets for 2 yrs for inflating financials

The market regulator has also slapped a cumulative penalty of Rs 15.75 crore on 8 individuals and two entities, in the matter

The Securities and Exchange Board of India (Sebi) barred Bombay Dyeing and Manufacturing Company (BDMCL), promoters Nusli Wadia, sons Ness Wadia and Jehangir Wadia from accessing the capital markets for two years for alleged misrepresenting financial statements. The market regulator has also slapped a cumulative penalty of Rs 15.75 crore on eight individuals and two entities, in the matter.

“I note that because of the misrepresentation of financial statements of BDMCL, the revenues and profit of BDMCL were inflated by Rs 2,493.94 crore and Rs 1,302.2 crore, respectively, during the period from FY2011-12 to FY 2017-18,” Sebi whole-time member Anant