Sebi slaps fine on Burren Energy, Unocal Bharat

 Burren Energy India had entered into a share purchase agreement with Unocal International Corporation (UIC) to purchase 100% stake in Unocal Bharat, a wholly owned subsidiary of UIC. Unocal Bharat held 26% stake in HOEC, forcing Burren Energy to come out with an open offer to buy the Indian-listed company.

A Sebi scrutiny found that Unocal Bharat removed two of its nominees on board of Hindustan Oil Exploration and replaced them with Finian O'Sullivan and Atul Gupta, directors of Burren Energy, on the day (February 14, 2005) Burren Energy entered the share purchase agreement with Unocal Bharat.

"Since the completion of the offer formalities pertaining to Hindustan Oil Exploration were not completed on February 14, 2005, Burren Energy and Unocal Bharat (persons acting in concert) were not entitled to be appointed on board of the target company (HOEC)," a Sebi order said today.