Letter to the Editors

From Jaimin Bhatt, CFO Kotak Mahindra Bank.

This is with reference to your article titled Goldman Sachs renegotiates Indian Joint Venture posted on July 21, 2005 on your website.

We deny that the Kotak Group is close to finalising an agreement with Goldman Sachs that will give Goldman Sachs equal status in our two joint ventures. The article is speculative in nature. We continue to work closely in the existing joint ventures.

We request you to kindly publish this...

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