HUL Independent Director Ashish Gupta has been fined 9 Lakhs for an ‘inadvertent trade.’ The company said the Portfolio Management Services of Ashish Gupta’s wife Nita Goyal, had traded in its shares on her behalf without her prior approval/intimation.
A monetary penalty has been imposed due to the breach of the Code and PIT Regulations, SDC Compliance Committee.
By the facts presented the inadvertent trade was made without any intent to violate the provisions of the SEBI (Prohibition of Insider Trading) Regulations, 2015 (PIT Regulations) and the Code of the Company.
In a regulatory filing, Hindustan Unilever Ltd (HUL) said it “noticed the occurrence of an inadvertent trade by one of our Designated Persons”.
“The portfolio management services of Nita Goyal, spouse of Dr. Ashish Gupta, an Independent Director of the company, has traded in the shares of the company on behalf of Ms. Goyal without her prior approval/intimation,” the company said.
The company said, “due to the breach of the Code and PIT Regulations, SDC Compliance Committee has imposed a monetary penalty of ₹9 lakh on the Independent Director and the penalty has been noted by the Audit Committee”
Hindustan Unilever Ltd (HUL) is likely to report an 8-12 percent year-on-year (YoY) rise in net profit for the December quarter.
A 12-14 percent YoY rise in revenues, largely led by price increases. The company has reported a volume growth seen at 5 percent YoY.
Sanjiv Mehta, CEO and Managing Director commented, “Sustaining our strong momentum, we had yet another quarter of solid all-round performance delivering double-digit revenue and earnings growth. Our consistent performance is reflective of our strategic clarity, the strength of our brands, excellence in execution, and dynamic financial management.”
“I am excited about our foray into the fast-evolving ‘Health and Wellbeing’ category through our strategic partnerships with OZiva and Wellbeing Nutrition. Our sustainable community development initiative ‘Prabhat’ turned 9 this year”, Sanjiv Mehta added.
“Through Prabhat, we have made a positive difference to nearly 9 million people in the communities around our factories and depots”, Sanjiv Mehta further said.