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Equities and commodities market regulator SEBI has fined United Breweries (Holdings) ₹15 lakh for delay in disclosing creation and invocation of encumbrance (pledge) within the stipulated seven-day period. The penalty has to be paid within 45 days.
SEBI said UBHL, in its reply dated September 11, admitted that there was a 33-day delay in making disclosure about invocation of pledge transaction of 34,528 shares invoked on February 15, 2015.
The regulator concluded that UBHL had violated three sections of the Substantial Acquisition of Shares and Takeover Regulations as it had failed to make the disclosures regarding the “invocation of pledge” that took place on February 15, 2012, and March 24 & 26, 2012, and also failed to make disclosures regarding the “creation of pledges” of shares that took place on March 26, 2012.
SEBI, however, let off another subsidiary Kingfisher Finvest India since there was only a day’s delay, that too, for one transaction involving a small number of shares.
In addition, SEBI observed KFIL had made efforts to dispatch the disclosures within the due date, and delivery to one of the stock exchanges (Bangalore Stock Exchange) was on time.
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