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| Exchange Disseminated Time | The Exchange had sought clarification from Ceat Ltd with respect to news appearing in Business Standard on March 23, 2015 titled "CEAT is 'timeout' partner for IPL"
Ceat Ltd replied stating "CEAT is a leading manufacturer of automotive tyres. As part of its marketing activities, creating brand association and positive imagery among users and buyers of tyres, from time to time, the Company undertakes marketing initiatives such as advertising / promotions (both in print and electronic media) and on-ground events that create top-of-mind brand recall in a competitive market.
CEAT's association with IPL as a strategic timeout partner is one of such many marketing initiative aimed at reaching out to existing as well as potential tyre buyers by being visible in a high viewership event and is a standard accepted marketing initiative undertaken by brands.
As such, we confirm that the association of CEAT with IPL, as reported in Business Standard, is nothing but one of its ongoing standard marketing activities and it cannot be classified to be an activities under Clause 36 of the Listing Agreement." |
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