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With reference to the news item headlined ``Bankers reject SPIC's improved proposal for debt revamp'' that appeared in these columns on Friday (Feb. 16, 2007), Mr Babu K. Verghese, Managing Director, SPIC, writes:

There is no rejection of the company's proposal by the lenders. Accordingly, we clarify as follows: 1. The proposal to revamp SPIC's debt is under discussion with the lenders; 2. There is not even an inkling of doubt in SPIC's abilities and therefore invocation of promoters' personal guarantees is not the issue; 3. While we have been exploring ways and means to convert the raw material base from naphtha to natural gas, it is highly disappointing to see the report saying that SPIC may have to face the prospect of closing down its urea facility. This will cast serious doubts in the minds of our stakeholders. We would have explained the factual situation had the correspondent checked with us.

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