New Delhi, Jan. 16 -- The Securities Appellate Tribunal (SAT) on Friday set aside the market regulator's 2022 order, which alleged that Bombay Dyeing & Manufacturing Company Ltd, its promoters, and related entities had misrepresented financial statements.

In a majority ruling, SAT set aside the penalties imposed on the company, members of the Wadia family and others, and directed that any amounts already paid be refunded within four weeks.

Sebi had barred 10 entities, including Bombay Dyeing and its promoters Nusli N. Wadia, Ness Wadia and Jehangir Wadia, from accessing the securities market and imposed cumulative penalties of Rs.15.75 crore.

The regulator had said that the company was involved in a fraudulent scheme to misrepresent it...