This isn’t Pulp fiction
This refers to the news item ‘Rohit Paper Mills seeks buyer’ (Dec 29). Your correspondent had sent a fax to us and we had categorically denied that the company was for sale and the same was conveyed vide our fax of the same date. We would like to point out several inaccuracies and self-contradictory statements made in the news report. Your briefing states that our company is on the look-out for a partner for sale of the Company. There cannot be any partner when the proposition is for alleged sale. Your report also mentions that the company has initiated talks with ITC Ltd for a sale proposition but a detailed report on page 4 very categorically states that “ITC Ltd.., spokesperson responding to a faxed query denied that it is in talks with any company at present for new units.” That means that the denial given by our company regarding any proposed sale was further corroborated by the ITC spokesperson.

In spite of this denial by our company as well as ITC Ltd, your reporter has mischievously and maliciously given a headline “Rohit Pulp & Paper Mills Ltd Seeks Buyer; ITC approached as potential ally”. This very clearly shows that you have deliberately made an attempt to mislead your readers, as well as tarnishing our reputation with our shareholders, financial institutions, suppliers and demoralising our employees.
We are surprised to read that the company’s borrowing cost presently is around 18-19 per cent. This is incorrect. We wonder how the cost at 18-19 per cent has been worked out or from where the reporter has been able to get this information.
— Rohit J Patel, Managing Director, Rohit Pulp & Paper Mills Ltd, Gujarat

Our correspondent replies:
a) The fact that they have denied that the company is on sale has been duly incorporated in the story but a reply over the phone had it that they might look for strategic partners.
b) The information on the claim of Gujarat government and Gujarat Finance Corporation is from the company annual report which has been extracted from the capital online news services.
c) While replying to the faxed query, the company official, Mr V K Dalal, said on phone that the company was working towards a revival plan which includes setting deinking plan etc. In addition to this, he also mentioned that the company plans to retire the high cost borrowing and the interest rates thereafter.
Therefore both the sides in the story have been duly checked and facts have been incorporated after speaking to company officials and referring to the annual report.