ED (Legal) & Company Secretary
23 August 2003
SUB: NEWS ITEM IN ECONOMIC TIMES DATED 23 AUGUST 2003
This has reference to the news item that has appeared in the Economic Times, Mumbai dated 23 August, 2003
under the heading "VSNL faces class action in US from ADR holders", which states that: "VSNL is facing a class
action suit in US courts from its ADR holders over the erosion of the value of their holdings. The value of the
ADRs, say the suitors, has sharply eroded because of changes in the telecom policy that proposes to end
VSNL's monopoly over international long distance calls generated by BSNL next year".
2. While there have been some indications that various classes of shareholders have been contemplating filing
class action suits on the subject of adequate compensation for the premature termination of VSNL's ILD
exclusivity, VSNL wishes to clarify that to its knowledge no such suits have been filed by ADR holders in the US
courts as of date.
Yours faithfully, For Videsh Sanchar Nigam Limited
To: Stock exchanges as per List attached
1) Security Code 23624, The Stock Exchange, Mumbai, Corporate Relationship Department, 1st Floor, New
Trading Ring, Rotunda Building, Phiroze Jee Jee Bhoy Towers, Dalal Street, Mumbai - 400 001. Fax No.(22)
2) The Secretary, Madras Stock Exchange Limited, Post Box No.183, 11, Second Line Beach, Chennai - 600
001. Fax No.(44) 524 48 97.
3) Security Code 32149, The Secretary, Calcutta Stock Exchange Assn. Ltd, 7, Lyons Range, Calcutta - 700
001. Fax No.(33) 220 25 14/28 37 24.
4) Security Code 22064, The Secretary, Delhi Stock Exchange Assn. Limited, 3/1, Asaf Ali Road, New Delhi -
110 002. Fax No.(11) 329 21 81.
5) Security Code 5251, The Asst. Manager (Listing), National Stock Exchange of India Limited, Capital Market
- Listing, Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051.Fax Nos. : (22)