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Wednesday, Aug 07, 2002

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Ferguson to do new report on Tata Finance

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MUMBAI, Aug. 6

A F Ferguson & Co today said that it had withdrawn an earlier report prepared for Tata Finance Ltd and had assigned a new, independent team to examine and review all the data and information already collected, with a view to producing a new report.

A letter to Tata Finance dated August 2 conveyed the firm's decision to withdraw the report, said a news release from A F Ferguson.

The release said the firm was concerned that a "strictly confidential'' report prepared by the firm at the instance of client Tata Finance and submitted to it in April this year, had found its way into the press.

Tata Finance had written to A F Ferguson on July 23, raising a number of issues relating to the preparation of the report, the conclusions drawn in it and its overall credibility, said the release.

"Our preliminary reading of the report led us to believe that the client's concerns seemed to be well-placed, and there were grounds for a detailed review of the report,'' said A F Ferguson.

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