This note to all of you is to refute some reports in the media on the fate of the company’s petition in the Supreme Court of India. The Honorable court has not dismissed our petition nor has made any adverse remarks against the company. The petition filed was withdrawn with no consequence by the company on the advice from very senior legal counsels.
On their advice we have and are taking various steps to protect your immediate interests such execution of the exit policy, business as usual and the long-term interest of your company. Our legal team, which incidentally is one of the best in the country, has been working relentlessly in this direction. The opinion of all these eminent lawyers is that we have not done anything illegal or have contravened the law in any manner whatsoever. They have assured us that we should expect some respite by the 10th September 2011.
I personally request each one of you to stand by the company in this hour of need and help us resole the crises. We will only emerge stronger and greater from all this.
I will keep you posted of all developments as and when it happens.
With warm regards
Chairperson & CEO