MUMBAI: India's capital market regulator Sebi has fined Anglo-Dutch consumer goods giant Unilever Plc for not sharing information on time with public shareholders and market participants.
The regulator has levied a monetary penalty of R s50 lakh on the promoters of Hindustan Unilever (HUL) including Unilever Plc, Brooke Bond Group, Unilever Overseas Holdings AG, Unilever UK & CN Holdings, Brooke Bond South India Estate, Unilever Overseas Holdings BV and Brooke Bond Assam Estates for violating takeover rules for the years 2006, 2008, 2009, 2010 and 2013.
The regulator has levied a monetary penalty of R s50 lakh on the promoters of Hindustan Unilever (HUL) including Unilever Plc, Brooke Bond Group, Unilever Overseas Holdings AG, Unilever UK & CN Holdings, Brooke Bond South India Estate, Unilever Overseas Holdings BV and Brooke Bond Assam Estates for violating takeover rules for the years 2006, 2008, 2009, 2010 and 2013.
Sebi takeover norms mandate every person holding more than 15 per cent shares or voting rights in a company to make yearly disclosures to stock exchanges about their shareholding pattern.
The regulator in its show cause notice to the promoters of HUL alleged that they had failed to file disclosures before the due date, which is on or before April 21 every year.
The regulator in its show cause notice to the promoters of HUL alleged that they had failed to file disclosures before the due date, which is on or before April 21 every year.
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