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Journalism of Courage
MUMBAI, March 12: Business proceeded as usual at Hindustan Lever the day after Sebi’s insider trading charges over the Brooke Bond Lipton India Ltd merger rocked the company. The company announced the scheduling of a meeting to decide on the vital swap ratio for the next merger with associate Pond’s India Ltd.
The boards of Pond’s (India) Ltd and Hindustan Lever Ltd (HLL) will meet separately on March 16, 1998, to decide on the exchange ratio for formulating the scheme of amalgamation of Pond’s with HLL, according to a joint statement issued by the two companies.
The release said that nine stock exchanges of India have been notified regarding the meetings of the two companies taking place on Monday. The management closed ranks and is believed to have met in Mumbai at the World Trade Centre, along with representatives of law firms Amardas Mangalchand, among others.
