The Exchange had sought clarification from Videocon Industries Ltd with respect to news appearing on The Economic Times on January 13, 2015 titled 'Videocon Telecom Gets calls from 2 Cos for Stake buy' and news appearing on moneycontrol.com on January 12, 2015 titled 'Videocon Looking at buyers for telecom business.'
Videocon Industries Ltd replied stating 'We would like to inform you that the management has given a general expression in the past about possibility of equity dilution in the telecom arm at an appropriate time and the process is still continuing. The company has been getting enquiries for sale of stake in telecom business. However, there has not been any material event of any kind in this regard which needs to be informed to the Stock Exchanges in terms of Clause 36 of the Listing Agreement.
The Company has been fully compliant with the provisions of the Listing Agreement, including the provisions with regards to dissemination of corporate information/events, which could have a bearing on the operation/performance of the Company. We assure you that all the important corporate information/events, which could have a bearing on the operation/performance of the Company, shall be continued to be promptly communicated to the Stock Exchanges, as done in the past.'
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