Date:31/03/2005 URL: http://www.thehindubusinessline.com/2005/03/31/stories/2005033101590500.htm

Back Surplus land demerger: VSNL board to meet

Our Bureau

Mumbai , March 30

A DRAFT scheme for demerger of the surplus land with Videsh Sanchar Nigam Ltd will be placed before the company's board of directors at their meeting scheduled for April 11, said a notice to stock exchanges by the company today.

The scheme has been drafted by Panatone Finvest, the company through which the Tata group has invested in VSNL.

This issue has been pending resolution for some time, as VSNL was keen to avoid the tax issues that it felt might arise from the demerger of the surplus land.