INVESTIGATION DEPARTMENT – ID1

Sub : Incap Financial Services Ltd.

“Chairman, SEBI has passed an Order on August 12, 2003, under Section 11B of SEBI Act, 1992, in the matter of Incap Financial Services Ltd., against Shri Satyendra N. Gandhi directing him not to buy, sell or deal in securities in any manner, directly or indirectly, for a period of two years with immediate effect for indirectly participating in defrauding investors by making public issue of Incap Financial Services Ltd. appear to be fully subscribed, and wrongfully cornering shares of the company and subsequently off loading in the market for personal benefit”.