Sebi imposes `50 lakh penalty on HUL promoters
Sebi said the promoters did not comply with the extant norms for the years 2006, 2008, 2009 and 2010 and in 2013, while making an open offer
Mumbai: The Securities and Exchange Board of India, or Sebi, on Friday imposed a penalty of ₹ 50 lakh on seven promoters of Hindustan Unilever Ltd, or HUL, for violating certain sections of share acquisition and takeover norms.
The entities are Unilever Plc, Brooke Bond Group Ltd, Unilever Overseas Holdings AG, Unilever UK and CN Holdings Ltd, Brooke Bond South India Estates Ltd, Unilever Overseas Holdings BV and Brooke Bond Assam Estates Ltd.
Citing a show cause notice, Sebi said the promoters did not comply with the extant norms for the years 2006, 2008, 2009 and 2010 and in 2013, while making an open offer.
An open offer was made by Unilever Plc along with Unilever NV to the shareholders of HUL to acquire 22.5% of the shares of HUL in April 2013.
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