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Zee intended to acquire B4U

14-April-2001
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Zee intended to acquire B4U

In the clarification received by B4U, Zee said that it had `advanced money to financial companies’ for an `intended acquisition’ and not an actual acquisition.

According to B4U officials, Zee sent a clarification on it’s stand to B4U yesterday. B4U CEO Mr. Ravi Gupta said that the Zee reply was cleverly drafted. The reply was worded in a tricky manner and was totally contrary to the previous two Zee statements on the issue.

On some of the statements related to the equity holding pattern of B4U, Gupta said that he completely stands by his statement made on Thursday. He said that only a 7 per cent holding in B4U is controlled by entities other than the promoters of the company.

According to Ravi Gupta, none of the company promoters including Kishore Lulla, L N Mittal and Gokul Binani have sold-off their shares to Zee.

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