Supreme Court refuses stay on SAT verdict for Bombay Dyeing
The Supreme Court isn't putting a pause on the tribunal decision that cleared Bombay Dyeing and its chairman, Nusli Wadia, of accounting fraud charges.
SEBI had tried to get the earlier ruling overturned after Bombay Dyeing and others were hit with penalties exceeding ₹15 crore for allegedly inflating its financials, but for now, the SAT's call stands.
Court seeks filings on SCAL deals
The court has asked both sides to file more paperwork and made it clear this split verdict won't set an example for future cases.
The whole issue centers around claims that Bombay Dyeing boosted its revenue numbers between 2012 and 2018 through deals with SCAL Services:
SEBI says this points to bigger corporate governance problems, but Bombay Dyeing argues everything was above board and that SEBI took too long to act.