SAT sets aside SEBI penalty order against Bombay Dyeing
BOMDYEING · price
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On the reaction day the stock moved 0.6 pts more than Nifty Microcap 250 and 0.7 pts more than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Bombay Dyeing informed exchanges that the Securities Appellate Tribunal (SAT) in Mumbai has set aside the SEBI Whole Time Member (WTM) order dated October 21, 2022, which had imposed monetary penalties and market access restraints on the company and its promoters/directors for alleged violations of SEBI Act, PFUTP Regulations and Listing Regulations. The original order included a two year market access ban on the company and promoters. By majority verdict, SAT fully quashed the WTM Order, bringing relief to the company and the Wadia family.
Positive for shareholders - quashing of penalties and market access bans removes a major overhang and regulatory risk on the stock.