SAT Overturns Sebi's 2022 Order Against Bombay Dyeing and Wadia Promoters

The Securities Appellate Tribunal (SAT) has overturned the Securities and Exchange Board of India's (Sebi) 2022 order against Bombay Dyeing Manufacturing Company Ltd and its promoters, including Nusli, Ness, and Jehangir Wadia. Sebi had accused the company of inflating revenues and profits between FY12 and FY18 through transactions with associate company SCAL Services Ltd, imposing penalties totaling ₹15.75 crore and barring market access for two years. SAT ruled that evidence did not prove fraudulent intent in the memorandum of understanding agreements and directed refunds of any penalties paid within four weeks.