Please see below the clarification and denial issued by UTV to stock markets:

We would like to comment and place on record and clarify a totally false and speculative article that appeared in today's Times of India edition on the front page entitled "Akshay paid Rs.71 cr for a Film?"

A) We do not comment on market speculation or motivated press comments to sensationalize things with untrue facts - but still wish to clarify in the interest of our shareholders.

B) We did issue a full denial and directed them not to run the article.

C) We confirm that the speculation of the amount stated in the article is totally untrue and is not even close to even 50 percent of the amount stated in the article.

D) We consider the article damaging to our company and our shareholders and damaging to the industry to project such unwarranted hype and consider this irresponsible journalism on a front page of a leading newspaper which people believe is credible when they read but is far from truth or facts.

We therefore consider it correct to issue this clarification.

- UTV