Sebi fines Glaxo for delayed disclosure in Indian listed arm
October 14, 2014 17:29
Capital market watchdog Sebi today slapped a fine of Rs 25 lakh on Glaxo Group Ltd, 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.
Glaxo Group "neglected the duty of making timely disclosures" to the stock exchanges the BSE and the NSE, on various occasions, the Securities and Exchange Board of India (Sebi) said in its order.
Sebi came across the violations by Glaxo Group while examining the draft letter of offer filed by Glaxo Smithkline Pharmaceuticals along with UK-based Glaxo Smithkline plc and Glaxo Group, to acquire 24.33 per cent stake in the India-listed group entity.
As on quarter ending September, 2014, Glaxo Group held 35.99 per cent stake in Glaxo Smithkline Pharmaceuticals as the largest promoter shareholder.
Penalties, totalling to Rs 25 lakh which needs to be paid within 45 days, have been imposed by the capital market regulator for violating various provisions of Sebi's Takeover Regulations.
Under these norms, a promoter of a listed company has to, disclose, together with persons acting in concert with him, their aggregate shareholding and voting rights as on March 31, in the firm, within a prescribed time period, to the relevant stock exchanges as well as the company.
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