The Securities and Exchange Board of India (SEBI) has moved to challenge a January 2026 order of the Securities Appellate Tribunal (SAT) that had set aside earlier regulatory directions against The Bombay Dyeing and Manufacturing Company Limited and certain members of its promoter group.
“SEBI has challenged the order dated January 16, 2026, passed by SAT,” The Bombay Dyeing and Manufacturing Company said. Further adding, “The Company is in the process of reviewing this development in consultation with its legal advisors and will take all necessary steps as may be required in accordance with applicable law.”
In a stock exchange filing on Thursday, Bombay Dyeing said it has received intimation that the market regulator has challenged the SAT’s January 16 ruling, which had overturned a 2022 order passed by a whole-time member of Securities and Exchange Board of India.
“The company is in the process of reviewing this development in consultation with its legal advisors and will take all necessary steps as may be required in accordance with applicable law,” Bombay Dyeing said in its disclosure under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations.
In January this year, the Securities Appellate Tribunal, by a majority decision, had set aside SEBI’s October 21, 2022 order that imposed monetary and non-monetary penalties on the company and certain promoters and directors. The earlier SEBI order had included restrictions on accessing the securities market and holding key positions in listed entities for specified periods, citing alleged violations of securities laws and listing norms.
Bombay Dyeing has consistently maintained that it acted in compliance with applicable legal and regulatory requirements. “The company shall continue to appropriately defend its position in the aforesaid proceedings,” it said, adding that it would keep stock exchanges informed of any further material developments.
The matter relates to proceedings initiated by SEBI following a show-cause notice issued in June 2021, which also covered certain current and former promoters and directors of the company, as well as individuals associated with SCAL Services Ltd.
