Mumbai: The subcommittee of the board of directors of Videsh Sanchar Nigam (VSNL), set up to look into the company’s proposed investment in Tata Teleservices, met here on 20 October 2002. The meeting discussed the investment proposal and also the report of ICICI-Securities’ assessment on valuation-related issues.

VSNL has registered a 33-per cent decline in its net profit at Rs 2,459 million for the quarter ended 30 September 2002 as compared to Rs 3,685 million for the quarter ended 30 September 2001. The total income has decreased from Rs 17,442 million in SQ-01 to Rs 13,041 million in the quarter ended 30 September 2002.