The capital market regulator of India has given Bombay Dyeing and Manufacturing Company Ltd a two-year suspension from participating in the securities markets.
The company, which belongs to the Wadia Group and works in the real estate, polyester, and textile industries, is one of 10 organizations that could be fined for illegally falsifying financial accounts.
Bombay Dyeing and its owners, Nusli N Wadia and his sons Ness and Jehangir have been banned from the securities markets for up to two years, according to a statement from the Securities and Exchange Board of India late on Friday.
Along with these individuals, the Wadia Group company Scal Services Ltd., its former directors DS Gagrat, NH Datanwala, Shailesh Karnik, and R Chandrasekharan, as well as Durgesh Mehta, who served as Bombay Dyeing’s joint managing director and chief financial officer, have also been named and punished.
One of the first multinational corporations in India, The Wadia Group operates in a variety of broad sectors, including consumer products, real estate, civil aviation, textiles, chemicals, and food manufacturing.