sebi:ASK/AO/21-27/2014
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed on all Noticees for violations of SAST Regulations, 1997 and SAST Regulations, 2011
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 6
- Reg. 8(2)
- Reg. 30
- Reg. 30(2)
- Reg. 8(1)
- Reg. 8
- Reg. 30(3)
Parties
- Unilever PLC
- Brooke Bond Group Limited
- Unilever Overseas Holdings AG
- Unilever UK & CN Holdings Limited
- Brooke Bond South India Estates Limited
- Unilever Overseas Holdings B V
- Brooke Bond Assam Estates Limited
Holding
All seven Noticees were held liable for violating regulation 8(2) of SAST Regulations, 1997 for the years 2006, 2008, 2009 and 2010 and regulation 30(2) read with 30(3) of SAST Regulations, 2011 for the year 2013, and Noticee No. 1 (Unilever PLC) additionally violated regulation 8(1) of SAST Regulations, 1997 for the year 2008. Monetary penalties were imposed under section 15A(b) of the SEBI Act.
Full text
Adjudication order in respect of HUL Promoters Page 2 of 13 January 31, 2014 FACTS OF THE CASE IN BRIEF 1. An open offer was made by Unilever PLC along with Unilever N.V to the shareholders of M/s Hindustan Unilever Limited (HUL) to acquire 22.5% of shares of HUL through a public announcement dated April 30, 2013 for acquisition of 487,004,772 equity shares of the face value of ` 1 each representing 22.5% of the equity share capital at a price of ` 600 per fully paid up equity share.
Adjudication order in respect of HUL Promoters Page 3 of 13 January 31, 2014 SAST Regulations, 2011. Consequent upon the transfer of Shri Piyoosh Gupta, I have been appointed as Adjudicating Officer vide
Adjudication order in respect of HUL Promoters Page 4 of 13 January 31, 2014 CONSIDERATION OF ISSUES AND FINDINGS 6. I have carefully perused the oral and written submissions of the Noticees and the documents available on record. The issues that arise for consideration in the present case are :
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Source: SecMarx — sebi:ASK/AO/21-27/2014. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.