SEBI slaps fine on Glaxo Group

The Securities and Exchange Board of India on Tuesday slapped a fine of Rs.2500000 on Glaxo Group Limited , a promoter entity of drug maker Glaxo Smithkline Pharmaceuticals, for failing to make timely disclosures about its aggregate shareholding to the company and the stock exchanges. The market regulator came across the violations by the Glaxo group while examining the draft letter of offer filed by Glaxo Smithkline Pharmaceuticals along with U.K.-based Glaxo Smithkline plc and Glaxo Group, to acquire 24.33% stake in the India-listed group entity. — PTI