VATSA CORPORATION LTD.

SEBI had conducted investigations into the alleged irregularities in the public issue and buying, selling and dealing in the scrip of M/S Hitek Industries (Bihar) Ltd. Pursuant to investigations, SEBI after considering the facts found Vatsa Corporation Ltd., Merchant Banker in the Public Issue of Hitek Industries (Bihar) Ltd. guilty of violating the provisions of SEBI regulations. Chairman, SEBI vide order dated August 12, 2003 has directed Vatsa Corporation Ltd. to disassociate itself in every respect from the capital markets related activities for a period of five years.