Recently SEBI has barred 10 entities from the securities markets for up to how many years for being involved in a fraudulent scheme of misrepresenting the company’s financial statements?

Solution

SEBI has barred 10 entities, including Bombay Dyeing & Manufacturing Company Ltd 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 Rs 15.75 crore on them for being involved in a fraudulent scheme of misrepresenting the company’s financial statements. Others banned and penalised by Sebi are — Scal Services Ltd, a Wadia Group company, its then directors D S Gagrat, N H Datanwala Shailesh Karnik, R Chandrasekharan, and Durgesh Mehta, who was joint managing director and chief financial officer of Bombay Dyeing. SEBI Headquarters: Mumbai Chairman: Madhabi Puri Buch Bombay Dyeing                          Headquarters: Mumbai                            Chairman: Nusli Wadia