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Wednesday, Jul 02, 2003

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Standard Chartered MF clarifies

With reference to the news report titled `StanChart MF open to acquisitions', which appeared in these columns on June 25, Mr Naval Bir Kumar, MD, Standard Chartered Mutual Fund, writes:

We refer to the first two paragraphs of the article, which states: "Standard Chartered Asset Management Company believes that now is the time for it to move into equity funds too'' and "The AMC is quite open to growth through acquisitions and did indeed bid for both Kothari Pioneer and Zurich AMC.''

Both these statements are factually incorrect. Standard Chartered Mutual Fund has no plans of getting into equity schemes in the near future.

Our Correspondent writes:

The news report was written on the basis of what transpired in the informal chat with senior officials of the company, soon after the press conference was over.

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