Dear Ms. Shackleton,

I refer to your fax dated 6th March, 2000.

The seller whether it is an Indian company or a foreign company is not
required to be registered with the BSE for the purpose of selling publicly
traded shares held by it of an Indian Company.  Only brokers and other
intermediaries such as merchant bankers etc. are required to be registered
with SEBI or BSE.

Please note that Vinay Dwarkadas is no longer working with us.

Regards,


S N Talwar
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