Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Sebi imposes `50 lakh penalty on HUL promoters
BackBack

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

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. Photo: Pradeep Gaur/MintPremium
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. Photo: Pradeep Gaur/Mint

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.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Anirudh Laskar
Anirudh reports on significant corporate matters including large mergers and acquisitions, India's emerging e-commerce sector and regulatory issues in the corporate and financial services industry. Over the past 17 years, he has covered many beats including banking, NBFCs, aviation, automobile, insurance, markets, SEBI, IRDAI, mutual funds, investment banking, private equity, deals, and conglomerates.
Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 31 Jan 2014, 06:05 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie