Wadia Group scion Ness Wadia was sentenced to two years imprisonment after he was caught in possession of drugs while on a holiday in Japan. Financial Times first reported the news.
Wadia was arrested by customs officials at New Chitose Airport in March for illegally carrying 25 grams of what appeared to be cannabis resin, the report said.
Wadia, however, returned to India after a two-year jail term slapped by the Sapporo District Court was suspended for five years.
A Wadia Group spokesperson said the “judgement was clear” and will not impact Wadia in the discharging of any of his responsibilities. “He will continue to play the role that he has done hitherto, both within the Group and outside,” said the group's spokesperson in response to a query sent by BloombergQuint.
Shares of Bombay Burmah Trading Company, in which Wadia is the managing director, declined 6.4 percent intraday to Rs 1,190.35 apiece. Shares of Bombay Dyeing & Manufacturing Company Ltd., in which Bombay Burmah holds over 15 percent stake, slumped 17.6 percent intraday to Rs 102.85 per share.
Bombay Stock Exchange has also sought a clarification from Britannia Industries Ltd. on the development as Ness Wadia is one of the board members of the company.
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