Bombay Burmah Trading Corporation Settles Disclosure Case with SEBI

Bombay Burmah Trading Corporation and its promoters, including Nusli Wadia and his sons, settled a case with SEBI by paying Rs 2.12 crore for disclosure lapses. The case involved flouting securities market norms and improper classification of shareholding, among other violations.

The Bombay Burmah Trading Corporation, along with its promoters such as Nusli Wadia and his sons, Ness and Jehangir, reached an agreement with market regulator SEBI to settle a case concerning disclosure lapses by paying Rs 2.12 crore.

A total of 18 entities agreed to settle the matter, which revolved around breaches of securities market regulations. The entities opted for settlement without admitting or denying the purported violations, which involved failure to disclose timely shareholding changes and related party information.

SEBI's settlement order highlighted that the entities did not adhere to accounting standards and regulations related to shareholdings under the Substantial Acquisitions of Shares and Takeovers (SAST) norms and insider trading rules. Additionally, errors were found in the classification of shareholdings, with certain promoter group entities mistakenly listed as public shareholders.

(With inputs from agencies.)