UTV Software Communications Limited

News Verification : The media had reports that UTV Software Communications Limited may sell a minority stake in its broadcast unit. 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 have to say that, the Company keeps evaluating various options to fund the Broadcasting initiatives, this may include sale of equity stake. The Company has been in discussions with various investors, however, no such specific proposal / investor has been finalized, except a joint venture business with Astro Multimedia International (BVI) Limited ("Astro") for establishing a television channel as informed on 24th November 2006, which is subject to regulatory approvals. Suitable intimation will be given to the Stock Exchange as and when any such specific proposal / investors are approved by the Board."