The media had reports that Ispat Industries Limited may develop a residential project in a prime locale in South Mumbai.
The National Stock Exchange Of India, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.
Ispat Industries Limited has vide its letter inter-alia stated, "Necessary disclosures in relation to the aforesaid property have been made in the Annual report of our Company for the financial year ended 31st March, 2007. Extracts from the said notes are reproduced hereunder :- Landed property as indicated in Schedule 10 is under commercial development for which the Company has entered into an agreement on a 'principal to principal' basis and property development rights therein have been transferred to a developer.
As per the agreement, the developer shall construct the building on such land at its own costs and fifty percent share of the constructed property will belong to the Company in lieu of land cost. Further, our Company does not comment on or respond to unsubstantiated market rumours." -- www.nseindia.com
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