HUL settles takeover case with Sebi

Hindustan Unilever (HUL) has settled a case related to alleged non-compliance of takeover norms with the Securities and Exchange Board of India (Sebi) after a total payment of nearly Rs 2.6000000 as consent settlement fee. The regulator had initiated adjudication proceedings against Hindustan Unilever over alleged failure to make timely disclosures to the stock exchanges, mandated under the takeover norms, for the years 2008 and 2010. Following a settlement under Sebi’s consent mechanism, the market regulator in a ruling on Monday said it is disposing off “the... adjudication proceedings pending in respect of the applicant (Hindustan Unilever)”. Unilever PLC along with Unilever NV had made an offer for acquisition of equity shares of the face value of Rs. 1 each of HUL representing 22.5% of the equity share capital at a price of Rs 600 per equity share. As per takeover norms, a listed company is required to make yearly disclosures with respect to its shareholding pattern, within 30 days of a fiscal year ending March 31. Sebi which examined the offer letter found that HUL had allegedly failed to comply with the provisions for 2008 and 2010. HUL had offered to settle the matter on payment of Rs 2,59,250 as settlement charges under the Sebi’s consent order mechanism. Rs11.80000000 penalty on Brooks Mumbai Sebi has imposed a penalty of Rs 11.800000000 on Brooks Laboratories and its five top executives for fraudulent activities including “round tripping of funds” from the company”s initial public offer (IPO) proceeds. Sebi has imposed the fine on Brooks Laboratories, the company chairman Atul Ranchal, MD Rajesh Mahajan, CEO Durga Shankar Maity, chief financial officer Ketan Shah and company secretary Parvinder Kaur. ENS