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Sebi penalises HUL Rs.50 lakhs for delayed disclosures

Seven promoter entities fined Rs.7-8 lakh each

Sachin P.Mampatta Mumbai
Last Updated : Jan 31 2014 | 5:52 PM IST
The Securities and Exchange Board of India has fined seven promoter entities of Hindustan Unilever Limited (HUL) a total of Rs.50 lakhs for delays in disclosures dating back to 2006.

The disclosures were periodic ones regarding its shareholding and voting rights in the company, according to a Sebi order issued on Friday.

“The details of the shareholding of the Noticees and timely disclosure thereof, were of significant importance from the point of view of investors as that would have prompted them to buy or sell shares of the company,” it said.

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“It is also evident that the Noticees have committed the defaults on more than one occasion and as such, the default on the part of the Noticees is repetitive in nature,” it added.

The regulator fined Unilever PLC Rs.8 lakhs.

It named six other entities in the order including Brooke Bond Group Limited, Unilever Overseas Holdings AG, Unilever UK & CN Holdings Limited, Brooke Bond South India Estates Limited, Unilever Overseas Holdings BV and Brooke Bond Assam Estates Limited.  They were fined Rs.7 lakh each.

The rules require every person holding over 15% in a company to make yearly disclosures of the stake they hold. Promoters are also required to make disclosures of shareholding and voting rights.

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First Published: Jan 31 2014 | 5:47 PM IST

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