Exhibit - 2
(VSNL LOGO)
Rishabh Nath Aditya
Assistant Company Secretary
HQ/CS/CL.24B/10663
13 April 2004
Sir,
Sub: QUARTERLY COMPLIANCE AS ON 31 MARCH 2004
In accordance with the Clause 35 and Clause 49 of the Listing Agreement
please find attached herewith the following:
a) Shareholding Pattern of VSNL as on 31 March 2004 (Attach "A").
b) Quarterly Compliance Report on Corporate Governance for the quarter
ended 31 March 2004
Thanking you,
Yours faithfully,
For Videsh Sanchar Nigam Limited
R.N. Aditya
Asst. Company Secretary
To:
1) Security Code 23624, The Stock Exchange, Mumbai. Fax No.(22) 22722061,
22721072/22722037
2) The Secretary, Madras Stock Exchange Limited. Fax No.(44) 524 48 97.
3) Security Code 32149, The Secretary, Calcutta Stock Exchange Assn. Ltd, Fax
No.(33)2202514/2283724.
4) Security Code 5251, The Asst. Manager (Listing), National Stock Exchange of
India Limited. Fax Nos.: (22) 26598237/38.
5) National Securities Depository Ltd. Fax Nos. : 2497 29 93.
6) Mr. Vijay Bhojwani, The Bank of New York. Fax No.2204 49 42.
7) Sharepro Services. Fax No. 2837 5646
8) Marc H. Iyeki, Director, New York Stock Exchange, Fax No: (212) 656-5071/72
/Madhu Kannan, Managing Director, New York Stock Exchange, Fax No: (212)
265-2016
9) Mr. Hitendra Patil, Vice President (Operations) Central Depository Services
(India) Limited. Fax : 2267 3199.
10) Mr. Pavithra Kumar, for SEC filing requirements, Fax 1195
VIDESH SANCHAR NIGAM LIMITED
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SHAREHOLDING PATTERN AS ON 31-MAR-04
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SR. NO. CATEGORY HOLDING
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NO. OF SHARES PERCENTAGE
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A. PROMOTER'S HOLDING
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1 Promoters
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Indian Promoters 207247382 72.72
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Foreign Promoters 0 0.00
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2 Persons acting in concert 0 0.00
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SUB-TOTAL 207247382 72.72
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B. NON-PROMOTERS HOLDING
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3 Institutional Investors
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a. Mutual Funds and UTI 420248 0.15
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b. Banks, Financial Institutions, Insurance Companies (Central/ 26555892 9.32
State Govt. Institutions/Non-Government Institutions)
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c. FIIs 2891817 1.01
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SUB-TOTAL 29867957 10.48
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4 Others
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a. Private Corporate Bodies 1064783 0.37
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b. Indian Public 9883234 3.47
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c. NRIs/OCBs 134855 0.05
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d. Any other
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i ADR 36799554 12.91
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ii In transit (NSDL) 2235 0.00
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SUB TOTAL 47884661 16.80
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GRAND TOTAL 285000000 100.00
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TOTAL FOREIGN HOLDINGS
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SR. NO. CATEGORY HOLDING
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NO. OF SHARES PERCENTAGE
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1 FIIs 2891817 1.01
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2 NRIs/OCBs 134855 0.05
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3 ADR 36799554 12.91
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TOTAL 39826226 13.97
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VIDESH SANCHAR NIGAM LIMITED
DISTRIBUTION OF SHAREHOLDING ENTITIES/PERSONS HOLDING MORE THAN 1% OF
PAID UP CAPITAL AS ON 31 MARCH 2004 AS PER CLAUSE 35 OF LISTING AGREEMENT
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SR. NO. CATEGORY NAME HOLDING
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NO. OF SHARES PERCENTAGE
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A PROMOTER'S HOLDING
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1 Indian Promoters Panatone Finvest Limited (an acquisition 128250000 45.00
vehicle floated by the Tata group)
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Central Govt. Including Nominees of 74446885 26.12
President of India
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Tata Sons Limited 4494497 1.58
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Tata Investment Corporation Ltd 56000 0.02
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2 Persons acting in Concert
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SUB TOTAL 207247382 72.72
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B NON PROMOTERS HOLDING
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3 INSTITUTIONAL INVESTORS
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a Mutual Funds & UTI
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b Financial Institutions
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Life Insurance Corporation of India Limited 18721926 6.57
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c 0.00
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SUB-TOTAL 18721926 6.57
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4 OTHERS
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a Private Corporate Bodies
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b Any other (please specify) The Bank of New York (ADR) 36799554 12.91
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SUB-TOTAL 36799554 12.91
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GRAND TOTAL 262768862 92.20
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QUARTERLY COMPLIANCE REPORT ON CORPORATE GOVERNANCE
Name of the Company: VIDESH SANCHAR NIGAM LIMITED
Quarter ending on : 31 MARCH 2004
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Particulars Clause of Compliance Remarks
Listing status
Agreement (Yes/No)
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1 2 3 4
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Board of Directors 49 I Yes As of 31 March 2004, VSNL had a total of
twelve Directors, out of whom two are
Executive Directors and ten are
non-executive Directors including the
Chairman. There were four independent
Directors.
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Audit Committee 49 II Yes The Audit Committee of VSNL consists of five
members with all the Directors being
non-executive and two of them being
independent with one of independent
Directors being its Chairman.
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Shareholders/Investors 49 VI(C) Yes Investors Grievance Committee as required
Grievance Committee under Clause 49 is in place under the
Chairmanship of a non-executive Director.
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Remuneration of Directors 49 III Yes The non-executive Directors on the Board of
VSNL are paid only sitting fees as per the
applicable provisions of the Companies Act,
1956. The Government Directors do no accept
sitting fees.
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Board Procedures 49 IV Yes
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Management 49 V Yes
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Shareholders 49 VI Yes
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Report on Corporate 49 VII Yes
Governance
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Sd/-
Satish Ranade
Company Secretary & Vice President (Legal)