AP
Shares in Gillette India Ltd fall 3 percent after the market regulator imposed penalties on the company's promoters for failing to meet India's rule that all listed private companies must have a minimum 25 percent owned by public shareholders.
As per the order issued on Friday, Gillette India promoters will be denied voting rights and dividends for those shares that surpass the 75 percent ownership limit, in line with similar penalties the market regulator issued on other non-compliant companies last month.
The Securities and Exchange Board of India's (SEBI) order on Friday follows a ruling from Securities Appellate Tribunal denying Gillette India's plea to classify one of its promoters as a public shareholder in a bid to meet the minimum public shareholding law.
Gillette India promoters own close to 89 percent of the companies, including a 75.9 stake held by Procter & Gamble Co.
SEBI's penalties will cease to apply if Gillette India brings down its promoter shareholding to below 75 percent.
Source: http://news.in.msn.com/business/article.aspx?cp-documentid=253347320
nigel barker secret service fenway park philadelphia flyers student loan forgiveness ufc 145 weigh ins record store day 2012
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.