However, according to informed sources, the exchange was forced to reconsider its decision on the grounds that the company had complied with clause 16 of the listing agreement and had informed the exchange to that effect about the recorddate fixed for November 24. According to company sources, a three page fax was sent to the exchange on October 12. At 10.06 am, one page fax on the company's performance was faxed to the exchange, followed by two page fax on the decision to pay dividend of Rs 1.20 and the record date of November 24. Company sources also explained that they had sufficient evidence to prove that the fax and the letter sent by courier was received by the exchange. "We had the confirmation slips of fax and the courier company, hence the exchange had to reconsider its stand on the issue," explained a senior company source.

Interestingly, the company has agreed to accept transfer deeds bearing rubber stamp of the BSE upto November 30, 1998, which would take care of the time lapse which the investors had faced on account of the delay in intimation to them.