CLARIFICATION REGARDING NEWS ARTICLE IN LOCAL NEWSPAPER
Mumbai, January 29, 2018: There was a news article in local newspaper Mumbai Mirror dated January 28, 2018, stating our Company being investigated for price and volume manipulation.
Firstly, we would like to highlight that we have not received any official communication from Exchanges or Security Exchange Board of India (SEBI). The rumours on price and volume manipulation are completely baseless and factually incorrect.
Secondly, the news article itself mentions as follows -
“However, the SEBI concluded “no adverse inference is drawn” and recommended that the investigation “may not pursue this matter any further”. As seen above, the news article starts with investigation claims and then itself concludes nothing material is found.
Thirdly, this entire exercise seems to have some ulterior motive as trying to tarnish our company image. Previously also we have experienced such Instance regarding a news article related to Amazon fake order which was proven to be incorrect.
Fourthly, we would like to reiterate on our strong corporate governance standards -
1 - Independent board with 6 Independent directors out of total 8 directors with Life Insurance Corporation of India (LIC) having a board member as a nominee Director and ex ED of SEBI Mr. Ramesh Joshi on our board.
2 - Big Four statutory auditors and MSCI ESG ‘A’ rating
3 - Full tax paying company and Dividend Payout policy in place