In a potential lapse in handling sensitive financial information, UBL said an employee inadvertently shared the company’s draft annual results with an external individual before the official disclosure to stock exchanges.
United Breweries Ltd has informed stock exchanges that an employee of the company “appears to have inadvertently disclosed, for legitimate reasons, unpublished price sensitive information of the Company, without the necessary safeguards, to one outside individual.”
In a regulatory filing dated May 7, the company said the information pertained to the draft annual financial results of the company.
“The annual financial results of the Company as approved by the Board of Directors were duly disclosed to the stock exchanges on the same day within a few hours of such inadvertent disclosure,” UBL said.
As a result, the company said “no further action is required in accordance with the Principles of Fair Disclosure for purposes of Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information under SEBI (Prohibition of Insider Trading) Regulations, 2015.”
The company added that the disclosure was being notified “as a matter of good corporate governance.”
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UBL further said that it “will initiate steps to take necessary action in this regard in accordance with applicable laws.”
