rediff.com
REAL-TIME QUOTE
Enter Company or MF
e.g. Tata motors, Reliance MF, 500570
CROMPTON GREAVES LTD. - Crompton Greaves Ltd reply to clarification sought by the exchange
< Back
10 Oct 2014
The Exchange has sought clarification from Crompton Greaves Ltd with respect to news article appearing in Economic Times on October 10, 2014 titled &quot;Crompton Greaves to Hive Off Consumer Biz Ahead of Stake Sale.&quot;&lt;br/&gt;&lt;br/&gt;Crompton Greaves Ltd replied stating&lt;br/&gt;&lt;br/&gt;&quot;Our point wise answers to questions raised by Stock Exchanges are as under:&lt;br/&gt;&lt;br/&gt;a) Whether such event/negotiations/article stated in published news were taking place? If so, you are advised to provide the said information along with the sequence of events in chronological order and the material impact of this article on the Company.&lt;br/&gt;&lt;br/&gt;Our reply :&lt;br/&gt;&lt;br/&gt;As regards information on sale of stake by Promoters, we wish to inform you that the Company is not engaged in or informed of any negotiations regarding the rumoured stake sale by the Promoters of the Company.&lt;br/&gt;&lt;br/&gt;b) Whether company are aware of any information that has not been announced to the Exchanges under clause 36 of the Listing Agreement. If so, you are advised to provide the said information and the reasons for not disclosing the same to the Exchange earlier as required under clause 36 of the Listing Agreement.&lt;br/&gt;&lt;br/&gt;Our reply:&lt;br/&gt;&lt;br/&gt;We wish to state that the Board of Directors of Crompton Greaves Limited (&apos;the Company) at its annual strategic review meeting held on 16 July 2014 had proposed to demerge its Consumer Products business unit into a separate listed company and had constituted a Committee of Directors to examine all relevant aspects of the process of demerger and listing and make suitable recommendations to the Board. This has been communicated to the Stock Exchanges on 16th July 2014.&lt;br/&gt;&lt;br/&gt;The Board of Directors has not yet approved the structure and the scheme of the demerger. Hence, the reported news is speculative in nature. As and when the Board approves the structure of demerger, the same will be communicated to the Stock Exchanges, pursuant to Clause 36 of the Listing Agreement.&quot;
View all announcements for CROMPTON GREAVES LTD. Source: BSE India