July 17, 2006
The media had reports that Walt Disney is in advanced talks to buy 30% stake in the UTV Software Communications Limited's subsidiary, United Home Entertainment.
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.
UTV Software Communications Limited has vide its letter inter-alia stated, "We wish to clarify that United Home Entertainment (UHE) is not a subsidiary of the Company, but it is a joint venture Company. The current equity holding of the Company is 49% in UHE. We deny that the Company is in talks with Walt Disney to sell 30% stake in UHE and we do not subscribe to the views expressed in the news item."
Source: National Stock Exchange of India Limited
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