Bombay Dyeing said the company is in receipt of SEBI’s order making remarks about finalised accounts dating back to a decade ago.
In essence, SEBI has sought to interpret accounting standards and the depiction of validly prepared, approved and properly presented unqualified accounts between FY12 and FY19.
SEBI has categorically noted that no benefits were made by the promoters and there is no diversion of funds, and yet has issued a far-reaching set of directions, it said.
Audit Committee review
The accounts in question had been presented by the management, reviewed by the Audit Committee and opined on by the statutory auditors. The company is quite firm in its view that all transactions were entirely legitimate and in compliance with law, it added.
They did not and could not have, by any reasonable interpretation or extrapolation violated SEBI Regulations, it added. The company will be exercising its statutory right to appeal this order and believes it would get justice and stand vindicated, it said.