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Hindustan Unilever L - Hindustan Unilever Ltd reply to clarification sought by the exchange
26/12/2018 18:10
The Exchange had sought clarification from Hindustan Unilever Ltd with reference to the media report, "GST authority finds HUL guilty of profiteering Rs 383 crore".

Hindustan Unilever Ltd response is enclosed.

"We wish to clarify that the reference to the news story is concerned and this news has been in public domain for sometime. Further, the National Anti Profiteering Authority (NAA), has passed an order against the Company on 24th December, 2018 for depositing an amount of Rs. 223 crores.

We wish to inform you that Hindustan Unilever Limited (HUL) have always maintained that the GST is a progressive reform which will benefit consumers and the industry at large. In the absence of set rules and guidelines on profiteering, HUL has gone by the spirit of the law, and passed on the entire benefit received under GST to consumers - either through reduction in prices or through increase in grammage. In addition, HUL had taken many steps as a matter of good governance and by keeping consumers interest in mind. HUL kept the Government informed of the approach and the manner that it had adopted in passing on the GST benefits to consumers.

The NAA order refers to the need to pass on the benefit of reduction in rates to consumers which is fully consistent with HUL's stand and actions. However, it makes a narrow interpretation of the law and does not take into account well established industry practice backed by law. Also, no methodology has been determined by NAA as required under law to determine if benefit has been passed or not. Given there is divergence on some basic issues, HUL will, consider legal options available to it.

We are conscious of our obligation under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015; we have been discharging the same on regular basis and shall continue to do the same. We also wish to clarify that there are no material impact of the demand and as well as this article on the Company.

Please take this information on record."
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