According to the news published in the Financial Times of London, the heir of the 283-year-old Wadia group and the co-owner of the Kings XI Punjab (KXIP) team of the Indian Premier League (IPL), Ness Wadia, was arrested in first week of March, at New Chitose Airport, in the North Japanese island of Hokkaido, during skiing holiday, which was confirmed by Local radio and Official broadcaster, (Nippon Hōsō Kyōkai) NHK.
The local radio of Hokkaido station, NHK, reported that Ness Wadia was caught by sniffer dog of Japan customs Department, at New Chitose Airport, and about 25 grams of Carriages resin was recovered from his trousers pocket when searched.
Wadia group is a well known Indian business conglomerate, which includes Bombay Dyeing, Bombay Burman Trading, Britannia Industries, Budget Airline GoAir, and in addition to that they are also co-owners of Kings XI Punjab (KXIP). The total market valuation of the company has been valued at the US $13.1 billion.
A court official in Sapporo, Japan told the Financial Times, that Ness Wadia had accepted the possession of drugs, but had said that it was for his personal use. In Japan, laws related to narcotics are strict, but nowadays they are being implemented more strictly because of, Rugby world cup and 2020 Tokyo Olympics.
Ness Wadia had spent some time in custody before being formally charged on 20 March 2019, and before the hearing in the court.
Suspend sentence
A statement was issued by the Wadia group saying: “Ness Wadia is in India. The 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 outside.”
Eventually, shares of Bombay Dyeing recovered from ₹103 to ₹113, but are still down by 9.8%.