Bombay Dyeing to move SAT against SEBI's order

Bombay Dyeing & Manufacturing Company Ltd on Saturday said it will move to the Securities Appellate Tribunal (SAT) against the Sebi's order that barred the company, its promoters for up to two years.

In a statement, a Bombay Dyeing spokesperson said that the company will be exercising its statutory right to appeal this order and believes it would get justice and stand vindicated.

The company said it is in receipt of Sebi's order making remarks about finalised accounts dating back to a decade ago.

In essence, the regulator has sought to interpret accounting standards and the depiction of validly prepared, approved and properly presented unqualified accounts between F.Y. 2011-12 and F.Y. 2018-19.

Sebi, in its order, barred 10 entities, including Bombay Dyeing and its promoters Nusli N Wadia, Ness Wadia and Jehangir Wadia from the securities markets for up to two years and levied a fine totalling ₹15.75 crore on them for involving in fraudulent scheme of misrepresenting the company's financial statements.