Cogencis, Monday, Jul 1

MUMBAI - Emami Ltd said it has not violated any disclosure norms of the Securities Exchange Board of India when its promoters sold stake on Jun 24.

"We would like to state that there has been no violation of SEBI disclosure requirements and we have complied with all the legal requirements in terms of the disclosure," the company said in a statement to Cogencis on Saturday.

In 'SEBI Watch', an opinion piece published on Wednesday, Cogencis had said Emami had violated SEBI's Listing Obligations and Disclosure Norms, 2015, by not first reporting to the stock exchanges about the near 10% stake sale by the company's promoters before sharing the information on a business news channel.

On Jun 24, the company's promoters sold nearly 10% of their holding in the company through various bulk deals on the BSE. The company's Director Mohan Goenka appeared on the said business news channel before the press release was available on the stock exchanges.

However, Emami, in a statement, said: "The disclosure regarding the stake sale was disseminated to the stock exchanges well before the spokesperson appeared for any media interview."

Emami's press release on the transaction was made available on the stock exchanges at 1534 IST, while its representative appeared on the business news channel and disclosed the identity of the seller of 10% of company's equity around 1500 IST.

The BSE, in a press statement in March 2017, had claimed that the usual delay in the time it receives information from the company and its dissemination is around 2-10 seconds.

At 1118 IST, shares of Emami were up 1.4% at 303.35 rupees on the National Stock Exchange.  End

Reported by Chiranjivi Chakraborty

Edited by Ranjana Chauhan