June 20, 1997
PR No. 70/1997

ACTION AGAINST CRB SHARE CUSTODIAN SERVICES LTD.
PRIMARY MARKET DEPARTMENT

Consequent upon the news paper reports appearing in regard to various irregularities committed by CRB Capital Markets Ltd and Mr. C R Bhansali, Director, CRB Share Custodian Services Ltd., the Board is of the view that the continuation of the functioning of CRB Share Custodian Services Ltd., as Debenture Trustees under the SEBI (Debenture Trustees) Rules and Regulations, 1993, is not in the interests of the investors.
 
Therefore, under the powers conferred upon the Chairman under the provisions of Section 11(B) of the SEBI Act, 1992 , in the interest of investors and to prevent the affairs of CRB Share Custodian Services Ltd. as Debenture Trustee being conducted in a manner detrimental to the interest of the investors and securities market, M/s. CRB Share Custodian Services Ltd. has been prohibited from undertaking any activity as Debenture Trustees, with effect from May 28, 1997 until further orders.