sebi-levies-largest-fine-to-date-on-holcim

SEBI levies largest fine to date on Holcim

SEBI fines Holcim Rs250 million ($5.4 million) for violating provisions of India's takeover code, the largest monetary penalty levied to date.

By Sameera Anand

August 27, 2006

IndiaÆs security watchdog SEBI slapped a Rs250 million $5.4 million fine on Holcim the worldÆs second largest cement producer. This represents the largest monetary penalty levied by SEBI to date. The judgement is being widely perceived as a signal by SEBI that it will take a firm stand on issues relating to minority shareholder protection - no matter who the counterparty. The fine also comes close on the heels of SEBI clamping down on foreign banksinvestment banks which have been in violation of SEBI guidelines. Holcim will have to pay the fine within 45 days unless it chooses to appeal the order.

The judgement relates to the acquisition of the Associated Cement Companies...

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