INSUBCONTINENT EXCLUSIVE:
Ness Wadia serves as managing director of Bombay Burmah Trading and chairman of National PeroxideShares of Wadia Group companies fell on
Tuesday after Ness Wadia, one of its promoters, was sentenced to two years in jail by a Japanese court for possession of drugs
Hokkaido.Bombay Dyeing shares plummeted as much as 17.6 per cent during the session, while Britannia Industries and Bombay Burmah fell 3 per
cent and 6.2 per cent respectively.Meanwhile, Ness Wadia's arrest in early March and subsequent sentencing in a Japanese court over
possession of drugs will not affect "the discharge of any of his business-related responsibilities", the Wadia Group said in a
statement.Ness Wadia, the son of industrialist Nusli Wadia and co-owner of the Indian Premier League (IPL) franchise Kings XI Punjab, was
sentenced to two years in jail by a Sapporo court after his arrest while on a skiing holiday to Japan
The punishment was later suspended for five years.The Wadia Group is one of the oldest business conglomerates in India
The group was founded by Lovji Nusserwanjee Wadia in 1736
Its current chairman is Nusli Wadia, whose two sons - Jehangir and Ness - are actively involved in running the group businesses.Ness Wadia
serves as the managing director of Bombay Burmah Trading Company and chairman of National Peroxide
He also serves as director on the boards of various Wadia Group companies such as Britannia Industries, Bombay Dyeing, GoAir and Wadia
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