Market regulator Sebi imposes small penalty on Unilever

Written by Reuters | Mumbai | Updated: Feb 1 2014, 00:37am hrs
HULSebi said companies are required to make certain statements when they are involved in takeovers. Express
India's capital markets regulator Sebi fined Unilever Plc 5 million rupees ($79,800) for being late in making certain disclosures tied to its open offer for its domestic unit Hindustan Unilever Ltd last year.

Securities and Board Exchange of India (SEBI) did not specify which disclosures Unilever had issued late. Under Indian rules, companies are required to make certain statements when they are involved in takeovers.

The Anglo-Dutch consumer goods company had acquired a little over two-thirds of its Indian unit last year for about 2.45 billion euros.

A Hindustan Unilever official was not immediately reachable for comment. SEBI said on Friday Unilever had admitted to the omissions in disclosures but had said the delays were inadvertent in nature.