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| GTL Limited |
ET Now: React to this news as it is coming out, the fact that the management has just clarified that they have not sold any pledged shares in the market?
Manoj Tirodkar: Directly or indirectly, we have not sold any shares from the management or the question of there being any pledge on our shares that are being sold as to the best of my knowledge does not arise at all.
ET Now: How would you explain the selling because you have highlighted that you are trying to assess what has really caused this plunge? Have you been able to figure out?
Manoj Tirodkar: It is not for us to really comment on market operations or market crashes, etc., because there has been a general tendency or several factors as mentioned today by news sources, which include for example, you have the Mauritius issue that is being spoken about or the 2G impact on the telecom sector, the capital inflows into India, the higher interest rates. Those are the factors that are a matter of concern in my opinion. So investors react to that. It is not appropriate for us to comment on that.
ET Now: There are multiple rumours actually in the market doing the rounds. There is some talk about defaults on FC CBI ?s that perhaps are bringing down sentiment. Could you perhaps clarify the funding status or the status on the FCCBs in the company?
Manoj Tirodkar: No, FCCBs are not due till November next year. So the question of default does not arise. It is all nonsense. The fact remains that today as a whole from an investment standpoint, it is completely at a standstill for telecom generally and our FCCBs are not due till November 2012. So the question of default does not arise.
ET Now: Have you been speaking to any of your institutional shareholders over the weekend because your stock came down 20% on Friday as well? Any se NSE on if any of the institutional investors would have gone out and sold the stock over the last three trading hours?
Manoj Tirodkar: I would not know what they would have done, but the large investors that we have been in touch with through all this uncertainty in India have been very concerned about the generic Indian conditions as a whole, not company specific. But I do not have reason to believe that anybody of them may have been selling down. It is not appropriate for me to comment, but to the best of my knowledge, not.
ET Now: Largest shareholders in your company and if you have spoken to them directly if you can confirm with us?
Manoj Tirodkar: Largest shareholders are ourselves that is me and my holding company.
ET Now: No, I am talking abut an institutional shareholder?
Manoj Tirodkar: One or two that there are as early as Friday when we have spoken and I do not think that any of them have any matter of a concern, tower business is a long-term business. Everybody recognises that after acquisition of Aircel, which we have executed well, challenges will remain because the telecom sector as a whole has got challenges, and everybody recognises that that takes time to build out and it is something that takes 2-3 years horizon kind. So I do not believe that that is something that investors will react to.
