The Exchange had sought clarification from the company with respect to the media report titled "Three independent directors leave USL board." Appearing in Mint on September 10, 2014.<br/> <br/>The company replied as under: <br/> <br/>"The news story is based on the reporter's interpretation of the issue and is not supported by our official comment on the same. <br/> <br/>It is true that the Board of Directors has commissioned an inquiry and the full details of such inquiry is stated in the Directors' Report sent to the shareholders, a copy of which is also available on the website of the Company. We would not wish to add anything further.<br/> <br/>A copy of the Director's Report is available on the website of the Company. For your ready reference, we enclose a copy of the Directors' Report for the year ended March 31, 2014.<br/> <br/>The Company will continue to comply with the requirements of the Listing Agreement, and will continue to promptly inform the Stock Exchanges in the event of any reportable event occurring."
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