MUMBAI | NEW DELHI: The Wadia Group said Ness Wadia’s position as a director on the boards of its companies won’t be affected by his conviction in Japan on drug charges because the sentence had been suspended. Investors appeared to disagree, with stocks of Bombay Dyeing and other group companies dropping sharply before recouping some of their losses.
A Japanese court sentenced the elder son of industrialist Nusli Wadia to two years in jail for possession of 25 gm of cannabis resin last month. The Sapporo court suspended the sentence for five years, which typically means that it won’t be implemented unless he breaks the law again in Japan. Indian courts don’t suspend sentences. The Financial Times was the first to report the matter.
“Ness Wadia is in India. The judgment is clear,” said a Wadia Group spokesperson in an email. “It is a suspended sentence. Hence it will not impact Ness Wadia in the discharge of any of his responsibilities and he will continue to play the role that he has done hitherto, both within the group and outside.”
Wadia is the MD of Bombay Burmah and a director of Bombay Dyeing, Britannia Industries and National Peroxide. Bombay Dyeing fell 17.6% intraday while Bombay Burmah dropped 6.4%. National Peroxide fell 6.7% and Britannia by 3.1%.
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