March 16, 1995


The Presidents/Executive Director
of all the stock exchanges.

Dear Sir,

Clarification for rights issue

This has reference to our letter No.SMD/SED/N/JJ/4984/94 dated September 23, 1994 regarding amendment of Listing Agreement.

With reference to sub-clause (C) of Clause 24 as mentioned in our above letter, it is clarified that SEBI Directive no. C.III dated August 13, 1992 is operative. Where issue of shares by way of rights by a company listed in a recognised stock exchange does not exceed Rs.50 lacs and where an option is required to be given to the debenture holders in respect of debentures value of which does not exceed Rs.50 lacs for purposes of roll over or conversion, as the case may be, it will be sufficient if the copy of the relevant letter of offer or the letter of option is forwarded to SEBI for its information. Issuers are however expected to conform to the Guidelines with regard to disclosures.

Yours faithfully,


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