Rolta Response to Second Glaucus Rebuttal of May 7, 2015

MUMBAI, India, May 7, 2015 /PRNewswire/ --

The Company makes reference to the report and the first rebuttal published by Glaucus Research Group California LLC, (Glaucus) on 16 April 2015 and 23 April 2015 respectively in relation to value of the Senior Notes issued by the subsidiaries of the Company in 2013 and 2014 (Bonds) which are listed on the Singapore Stock Exchange.  Pursuant to the Company's response to the first rebuttal, Glaucus has released another rebuttal on 7 May 2015.

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The Company in its responses dated 20 April 2015 and 27 April 2015 has provided detailed rebuttals and explanations supported by authentic data and information and demonstrated that the allegations made by Glaucus are baseless.  Glaucus has simply ignored and misconstrued the responses of the Company. Glaucus continues to attempt to mislead the readers with unsubstantiated allegations, quoting the management out of context, and incorrect comparisons (in some cases, even with incorrect figures) to present a distorted picture.  The Company sees no merit in continuing to entertain such baseless allegations with further responses.

The Company reiterates its categorical denial in entirety of the contents of the report and each of the rebuttals published by Glaucus, especially since such rebuttals are essentially recycled portions of the report published by Glaucus on April 16, 2015 and contains the same allegations.  

The Company takes this opportunity to re-emphasize that shareholders of the Company, investors (including potential investors) and bondholders should exercise extreme caution in reading the report and rebuttals published by Glaucus.  Glaucus by its own admission is biased and in the business of short selling and attempts to profit by issuing opinionated and prejudiced research reports such as the report and rebuttals issued against the Company.  

About the Company: The Company is a leading provider of innovative IT solutions for many vertical segments, including federal and state governments, defence/HLS, utilities, process, power, financial services, manufacturing, retail, and healthcare.  The Company is recognized for its extensive portfolio of indigenous solutions based on field-proven Rolta IP tailored for Indian defence / HLS.  By uniquely combining its expertise in the IT, engineering and geospatial domains, the Company develops exceptional IP-based cloud-ready solutions to enable its customers globally to readily exploit the power of BI, big data analytics, and IT-OT fusion.  The Company is a multinational organization headquartered in India.  The Company operates from over 40 locations worldwide and has executed projects in more than 45 countries.  The Company's equity shares are listed on BSE and NSE in India, its GDRs are listed on the Main Board of London Stock Exchange and its 'Senior Notes' are listed on Singapore Stock Exchange.

For additional information or clarifications:

Mr Atul Tayal
Jt. MD & COO - Domestic Operations
Member of the Board
Rolta India Limited
[email protected]
Telephone: +91(22)2926-6666

Mr Hiranya Ashar
Jt. MD & Group CFO,
Member of the Board
Rolta India Limited
[email protected]
Telephone: +91(22)2926-6666

SOURCE Rolta India Limited