Bombay Dyeing ke liye Regulatory Jeet
Securities Appellate Tribunal (SAT) ne Monday ko Securities and Exchange Board of India (Sebi) ka October 2022 ka order Bombay Dyeing and Manufacturing Company Limited (BDMCL) aur uske promoters, Nusli Wadia, Ness Wadia, aur Jehangir Wadia ke khilaaf set aside kar diya. Tribunal ka decision regulatory sanctions se relief deta hai jismein promoters ko 2 saal ke liye securities market mein access karne se rok diya gaya tha aur substantial penalties lagayi gayi thi.
Sebi ke allegations aur SAT ka jawab
Sebi ke original order mein yeh aarop lagaya gaya tha ki Bombay Dyeing ne, apni associate company Scal Services ki madad se, fiscal years 2012 aur 2018 ke beech revenue aur profits ko inflate kiya. Iske chalte 8 individuals aur 2 entities par ₹15.75 crore ka penalty lagaya gaya tha. Halanki, 3-member SAT bench ko in allegations ke liye sufficient grounds nahi mile. Tribunal ne conclude kiya ki BDMCL aur Scal Services ke beech signed MoUs (Memoranda of Understanding) ke regarding koi fraudulent scheme dikhai nahi di. Iske alawa, SAT ne rule kiya ki Scal Services ko fiscal years 2015, 2016, aur 2017 ke liye Bombay Dyeing ka 'related party' nahi maana ja sakta.
Regulatory Delays par Concerns
SAT ke ruling ka ek critical aspect Sebi ki enforcement action initiate karne mein protracted timeline par uski strong criticism thi. Tribunal ne alleged violations aur proceedings shuru karne ke beech lagbhag 9 saal ke gap ko point out kiya, yeh kehate hue ki delay ka "koi valid explanation nahi tha." SAT ne concern ke saath note kiya ki market regulator, jise market integrity uphold karni chahiye, woh proactively ke bajaye complaints receive hone par primary act karta dikhai diya.
Dissenting Opinion mein Transaction Concerns Highlighted
Jabki majority technical members ne final verdict ka basis banaya, SAT presiding officer Justice P S Dinesh Kumar ne ek dissenting view offer kiya. Justice Kumar ne BDMCL aur Scal Services ke beech transactions ko lekar reservations express kiye, unhe questionable aur genuine nahi bataya. Unhone suggest kiya ki MoUs real sales ke bajaye paper transactions the, aur Scal mein cross-holdings ko isse Bombay Dyeing group ka "extended arm" hone ka evidence mana. Is dissent ke bawajood, majority decision prevail kiya. Tribunal ne nirdesh diya hai ki Bombay Dyeing aur uske promoters dwara already pay ki gayi koi bhi penalty 4 weeks ke andar refund ki jaye.
SAT ne Bombay Dyeing aur Wadia Promoters par Sebi ka ban overturn kiya
SEBIEXCHANGE
Overview
Securities Appellate Tribunal (SAT) ne Securities and Exchange Board of India (Sebi) ka Bombay Dyeing aur uske promoters, Nusli Wadia and sons ke khilaaf order cancel kar diya hai. Ruling mein penalties ka refund karne aur 2 saal ki securities market ban ko hatane ka nirdesh diya gaya hai. SAT ne Sebi ki action mein 9 saal ki deri ka zikr kiya aur associate company transactions ke mamle mein koi fraudulent scheme nahi paayi.
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