In connection with the above the company clarified that, in accordance with the requirements of SEBI and Company’s policy for determination of materiality of events/information, no event has occurred that requires the Company to make any disclosure.
"The news article is speculative and the Company, in compliance with its obligations under law, has refrained to make any comments," said Escorts in a regulatory filing.
Further, as has been previously disclosed, Kubota is an existing joint venture partner and also a shareholder of the Company. The Company and Kubota have pre-existing business relationships.
The Company evaluates opportunities for the development of its business on an ongoing basis, it added.
On Friday, Escorts ended 3.02% lower at Rs1460 per piece on Sensex.