May 2, 2006
The media had reports that Mahindra & Mahindra Ltd. is doing due diligence for LML's bike plant to acquire major stake or a buyout. Further the company is also in talks with Chinese 2-wheeler company Lifan.
The Exchange, 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.
Mahindra & Mahindra Ltd. has vide its letter inter-alia stated, "In this regard the Company wishes to clarify that it examines/pursues various opportunities in different areas, from time to time on a continuing basis and it is not practicable to comment upon every opportunity at every stage. In the normal course of business, the Company strives to increase shareholder value and continues to meet with its stakeholders including customers & suppliers. The Company is not in a position to confirm or deny the veracity of the report given its policy of not commenting on speculative reports that emanates from such activity."
Source: National Stock Exchange of India Limited
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