PRESS RELEASE

Chairman SEBI has passed an order dated 27/01/03, against S/Shri P Shivshankar, Director; Prashanth Mehta, Managing Director; Rajesh Mehta, Chairman and Y. S. Reddy, Director in the case of Rajesh Exports Ltd. Vide the aforesaid Order, Chairman has in exercise of the powers conferred on him under Section 4(3) read with Section 11 and 11B of SEBI Act and Regulation 11 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 1995 ordered S/Shri P Shivshankar; Prashanth Mehta; Rajesh Mehta and Y. S. Reddy to dissociate themselves from the capital market for a period of 3 years and also prohibited them from dealing in securities for a period of three years with immediate effect. Chairman, SEBI had also passed an order against M/s Rajesh Exports Ltd. prohibiting the company from accessing the capital market and from dealings in securities for a period of 3 years.