May 14, 2013

Press Release No. 1

Clarification by Salora International Limited

Significant price movement has been observed in Salora International Limited.

The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, had written to the company.

Salora International Limited has vide its letter inter-alia stated, "We wish to inform you that in recent past there has been no such event or information that has a bearing on the operation/performance of the company which includes all price sensitive information."

Press Release No. 2

News about United Spirits Limited and United Breweries Limited

The media had reports that Directorate General of Central Excise Intelligence (DGCEI) has issued a show-cause-cum-demand notice to the United Spirits Limited and United Breweries Limited for evading service tax.

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 companies.

United Spirits Limited has vide its letter inter-alia stated, "Directorate General of Central Excise Intelligence(DGCEI) Mumbai called upon us to furnish soft copy of the ledger extract of Advertisement & Sales Promotion expenses for the period 2007-08 to 2011-12. DGCEI have, without verifying the nature of the expenses accounted for in the ledger extract have considered the entire amount as 'sponsorship services' and have served a show cause notice on us for Rs. 69.30 Cr. We are in the process of replying to the show cause notices by highlighting the error. We have been paying service tax on applicable services regularly ever since such taxes were introduced by statute. As has been our practice, we shall promptly inform the Stock Exchanges as and when there are reportable events."

United Breweries Limited has vide its letter inter-alia stated, "The company has always been tax compliant and paying Service Tax inter alia on sponsorship of sports activity, as applicable from the effective date of its applicability. The show cause is fastened with valuation errors and requires thorough scrutiny. We are in the process of filing our detailed reply and explanations shortly."