The Securities and Exchange Board of India (Sebi) has barred Bombay Dyeing and its promoters —Nusli N Wadia, Ness Wadia and Jehangir Wadia — from accessing the securities markets for up to two years. The market regulator has also imposed a fine totalling Rs 15.75 crore on them and other entities.

Bombay Dyeing on Saturday said it will move to the Securities Appellate Tribunal against the ruling.

Sebi took this action as they were allegedly involved in perpetrating a fraudulent scheme of misrepresentation of financial statements of Bombay Dyeing that originated in 2010- 11 and continued till 2018-19.

This was done by entering into dubious real estate transactions with a group firm called Scal Services Ltd (Scal).

The others that were penalised are Scal, its then directors D.S. Gagrat, N.H. Datanwala, Shailesh Karnik, R. Chandrasekharan, and Durgesh Mehta, who was joint MD.