Schrader Duncan clarifies on news regarding property sale

With reference to the news item appearing in a leading financial daily titled "Schrader Duncan hogs the limelight", Schrader Duncan Ltd has clarified that:

"1. In connection with the statement that "Schrader Duncan is selling its Mulund property to a leading Mumbai based retail developer for a sum of around of Rs 150 crore", the Company wish to state that the Company is not under any discussions to sell its existing Mulund property.

2. In connection with the statement that "The talk seems to be credible considering that the Company has been shifting manufacturing operations to Pune in a phased manner for some time now", the Company wish to state that the Company has acquired an industrial plot in MIDC, Ranjangaon near Pune for the purpose of setting up a new manufacturing facility for its automotive division. In this regard the Company draw attention to the Company's letter dated February 12, 2007.

3. The statement that "When contacted, Company officials declined to comment on the development" is not true as no Company official was contacted in this regard."

Source : Equity Bulls

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