Clarification from Hindustan Motors Ltd

• Security Code: 500500
• Company: HINDMOTORS

The Exchange had sought clarification from Hindustan Motors Ltd with respect to the media report "CCI fines 14 Carmakers Rs. 2500 crs for manipulating parts market" in Economic Times on August 26, 2014.

The company replied as under:

"We would like to inform you that the article in Business Standard and Economic Times (Mumbai) both dated 26-08-2014 was in connection with judgment and order dated 25-8-2014 by CCI holding 14 car manufacturers to be in default of Sections 3 and 4 of the Competition Act. The Company is one of the parties against which the order has been issued. The CCI has levied a fine of Rs.13.85 crores on the Company.

The Company came to know about the judgment of CCI only through print media as there was no prior date intimated by CCI for pronouncing judgment. The Company has not yet received any formal certified copy of the judgment. Further, the Company is examining the order as appearing on the Website of CCI and will take appropriate steps as may be advised to protect its interest. However, at the preliminary observation of the order it appears that there would not be any material impact on the Company.

In view of the above, the Company has not intimated to the stock exchanges in terms of clause 36 of the listing agreement.

The Company will keep the Stock Exchanges informed of any adverse development in the matter."