Hll Denies Insider Trading
Hindustan Lever Ltd has defended itself in its official reply to a notice by the Securities and Exchange Board of India which alleged insider trading by the multinational.
An HLL spokesperson confirmed that the companys reply to the insider trading claim was sent to Sebi yesterday, in a package marked confidential. Sebi officials were unavailable for comment.
On August 4, Sebi had communicated its findings to HLL. The notice mentioned the fact that Lever had bought 8 lakh shares of Brooke Bond Lipton India Ltd from the Unit Trust of India in March and April 1996, about a fortnight prior to BBLILs merger with HLL.
Lever had been granted 15 days to forward its reply to the Sebi notice. However, it sought an extension till yesterday.