The Wadia family and entities associated with Bombay Burmah Trading Corp. have settled with the Securities and Exchange Board of India a case for Rs 2.13 crore regarding alleged violations of delaying disclosures of changes in shareholding.
The disclosures about BBTC's shareholding was supposed to be made promptly to the exchanges but were delayed by over 3,000 days. The promoters were supposed to mention changes in shareholding exceeding 2% of total shares by Dec. 4, 2014, but the disclosure was made only on July 27, 2023. Another disclosure, due in April 2015, was also delayed.
Wallace Brothers also failed to disclose its shareholding upon becoming part of the promoter group, with the disclosure delayed by over 3,100 days.
The individuals settling the case include Nusli Wadia, Ness Wadia, Jehangir Wadia and entities like Nowrosjee Wadia & Sons, Wallace Brothers Trading and Industrial Ltd. and Bombay Dyeing & Manufacturing Co, according to the SEBI release on Friday.
Nusli Wadia has jointly paid Rs 1.46 crore with other applicants and entities, while Wallace Brothers contributed Rs 34.7 lakh separately. BBTC paid Rs 31 lakh, with the other individuals and entities settling smaller amounts.
The applicants settled through the regulator's consent mechanism scheme that allows the parties to deal with cases without accepting or denying the allegations. The Wadias and the other entities had meetings with the internal committee of SEBI and final terms of the settlement were approved by the high-powered advisory committee.
SEBI's whole-time members approved the recommendations, and the settlement amounts were remitted in November and December. However, the capital markets regulator retains the right to act if any representation made during the settlement process is found to be untrue or if the applicants breach conditions of the settlement.
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