PRESS RELEASE

M/s. Highway Users’ Centres India Ltd., Mumbai (HUCL) mobilised funds from investors under the collective investment schemes but did not file any information with SEBI pursuant to the Press Release/Public Notice of SEBI of 1997. Further, HUCL neither applied for registration under the SEBI (Collective Investment Schemes) Regulations, 1999 nor took any steps for winding up of the schemes to make repayments to the investors in the manner provided under the aforesaid Regulations. Investor complaints were received by SEBI against HUCL regarding the non payment of their invested money or the assured returns.

In view of the same, in his Order passed on April 24, 2003, Chairman, SEBI has directed M/s. Highway Users’ Centres India Ltd., Mumbai, an existing collective investment scheme, to wind up its existing scheme(s) and refund the money collected under the schemes with returns which are due to the investors as per the terms of the offer within a period of one month from the date of the Order failing which further actions would follow.