SEBI - Wadia group firms resolve the issue related to non-disclosure of arrest
Ness Wadia, the promoter and non-executive director on the board of three listed companies of Wadia Group was arrested in New Chitose Airport in Japan in March 2019. Subsequently, the Japanese Court had sentenced him for a two-year jail term. These three listed companies are Britannia Industries, the Bombay Dyeing and Manufacturing Company, and the National Peroxide.
However, the news relating to the arrest of Wadia and his further sentencing by the Japanese Court has not been disclosed as per the SEBI (LODR) Regulations, 2015. Therefore, SEBI had issued a show-cause notice to the three companies in October 2019. After that, the group company applied with SEBI to settle the matter. Now, those three companies settled the matter with the market regulator SEBI and agreed to pay Rs 23.4 lakh as settlement charges to it.
