INDIAN OIL CORPORATION LTD. - Indian Oil Corporation Ltd reply to clarification sought by the exchange

The Exchange had sought clarification from Indian Oil Corporation Ltd with respect to news article appearing in Business Line on March 3, 2015 titled "IOC director--designate Debangshu Ray suspended over info leak"<BR><BR>Indian Oil Corporation Ltd replied stating "We would like to clarify that Mr.Debangsu Ray, who was General Manager (International Trade) at our Corporate Office, New Delhi, was suspended on Friday, the 27th Feb. 2015 in accordance with the Conduct, Discipline and Appeal Rules of the Company. The matter is under investigation.<BR><BR>We would like to further clarify that Mr.Debangsu Ray was not a Director on the Board of the Company nor any communication for his appointment on the Board was received from the Govt. of India."