Ness Wadia's Japanese drug bust jolts stocks

While the media had exploded on Tuesday with news flashes of business tycoon Ness Wadias suspended twoyear jail sentence by a court in Japan the man himself was busy at work in his Worli office in the afternoon The report had first appeared in an international English language daily Sources within the company informed midday that Ness had resumed duty last weekend itself They also said that his father Nusli and brother Jeh had hurriedly flown to Japan in March following his detentionThey had rushed to Japan soon after learning about Nesss detention and subsequent arrest in the first week of March this year While Jeh returned by the end of the month Nusli returned last week with Ness Insiders within the company said they had suspicions about the timing of the article in the English language dailyIt looks like the timing of the article is an attempt to adversely impact the upcoming board meeting to be held on May 2 2019 to approve the quarter and financial yearended March 31 2019 results where dividend payments if any will also be decided This seems to have been done by someone deliberately said a source who did not wished to be identifiedNess Wadia was locked in a meeting with his company officials until very late last nightThe source further added Senior company officials were busy with the company auditors till late Tuesday evening The company spokesperson had to come out with a small note on behalf of the company see box stating that the sentence was a suspended oneThe impact of the news flash was that on Tuesday the stock price of the company Bombay Dyeing which opened at Rs 125 was impacted by 978 percentage points BSE and closed at Rs 11260 for the dayInterestingly till late evening BSE did not receive any reply from Bombay Dyeing and Manufacturing Company seeking clarification on media reports on Nesss twoyear jail term in Japan over drug possessionMedia reports have claimed that Ness was detained by customs at New Chitose airport and found in possession of 25g of what appeared to be cannabis resin in the pocket of his trousersMeanwhile the Indian High Commission in Japan till Tuesday maintained its silence on the issue and said they had no intimation about the detention Speaking to midday central bureaucrats who did not wish to be identified said The privacy laws internationally are very strict so even if such an incident had happened the agencies there will not inform the Indian Embassy without the consent of the individual concernedWhen asked if the privacy law gives the Japan law enforcing agency the power not to keep the Indian Embassy or High commission in Japan in the loop about the detention of an Indian citizen without the persons familys consent how can such a detention be recorded the officer said It is completely up to them If an individual feels he can conduct a legal defence without the involvement of the embassy they may go aheadUpon asking whether the law of the land did not make it mandatory that the embassy be informed if an Indian origin person is detained in a foreign land the officer said This depends from country to country Under international law the embassy of a foreign national has to be informed but if the foreign national himself does not want the embassy to be informed it can be waivedmidday has learnt from highly placed officials in Delhi that the ministry of external affairs spokesperson might come out with some statement on the issue on Thursday A message sent to Ness Wadia did not yield any responseWhat the company has said Ness Wadia is in IndiaThe judgment is clear 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 outsideSpokespersonThe Wadia GroupCatch up on all the latest Mumbai news crime news current affairs and also a complete guide on Mumbai from food to things to do and events across the city here Also download the new midday Android and iOS apps to get latest updates