April 17, 1998
PR No. 80/1998

Investigations, Enforcement and Surveillance Dept.

Gujarat Rodrel Group of Companies ie. M/s.Gujarat Rodrel Engineering Products Ltd., M/s.Gujarat Suspension Ltd, M/s.Gujarat Bonanza Auto & Steel Rolling Ltd and M/s. Gujarat Indo Lube Ltd, perpetrated a fraud of circulating fake and duplicate share certificates of Gujarat Rodrel group of companies in collusion with one Shri. Manish Upadhyay. Shri. M. J. Trivedi, director of Gujarat Rodrel Group of Companies is one of such director who has perpetrated such fraud. It was further established that the said Shri Manish Upadhyaya colluded with the directors of Gujarat Rodrell Group of Companies and managed to get large purchase orders executed through some brokers in BSE for the said scrip. Subsequent to personal hearing submission made and documents on record the following entities namely Shri Manish Upadhyay and Shri M. J. Trivedi, Managing Director of Gujarat Rodrel Ltd and Gujarat Rodrel group of companies are debarred from approaching the securities market for subscription of money from investors by way of public issue for a period of 5 years with effect from April 17, 1998.