The Exchange had sought clarification from ITC with respect to news appearing in Asian Age on September 1, 2015 titled ITC to enter Dairy Biz by Sept-end. ITC replied stating 'We write to advise that the Company’s Foods Division, as part of its business portfolio, launches various value added variants to augment its product range. Entry into the Dairy category is one such initiative.
We would also advise that foray into Dairy has been covered in the Speech delivered by the Chairman at the Hundred and Fourth Annual General Meeting of the Company held in July 2015 as well as at the Hundred and Third Annual General meeting held in July 2014 and various news reports published in newspapers. The Chairman’s Speech for the said years are in the public domain and copies thereof also submitted to the Stock Exchanges.
While on the subject, we understand that under Clause 36 of the Listing Agreement listed companies are required to advise the Stock Exchanges of material events; the proposed initiative referred to in the news item may impact the operations / performance of the Company materially only in the long term.
The above information is a part of company’s filings submitted to BSE.
