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Ness Wadia, 4 group firms settle with SEBI

Industrialist Ness Wadia, along with four of his group’s listed entities, has settled proceedings with the capital markets regulator for allegedly failing to make timely disclosure regarding the promoter’s arrest in Japan in March 2019.

Mr. Wadia and the entities along with Britannia Industries, Bombay Burmah Trading Company, Bombay Dyeing and Manufacturing Company and National Peroxide paid a settlement amount totalling ₹1.1 crore to the Securities and Exchange Board of India.

While Mr. Wadia settled the proceedings by paying ₹23.42 lakh, each of the four listed entities paid ₹21.68 lakh each.

According to the separate orders, Mr. Wadia was arrested in Japan in March 2019 and thereafter, a Japanese court sentenced him to two years in jail though the execution of the sentence was suspended for a period of five years.

“Based on the findings of the examination conducted by SEBI, it was alleged that the applicant, while being one of the promoters and non-executive director on the board of three listed companies, viz. Britannia Industries Ltd, the Bombay Dyeing and Manufacturing Company Limited and the National Peroxide Limited and also being one of the promoters and managing director of another listed company viz. Bombay Burmah Trading Corporation Limited, allegedly failed to make timely disclosures to the aforesaid listed companies regarding his arrest / detention and sentencing by the Japanese Court,” stated the SEBI orders.

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