July 22, 2004
PR No. 167/2004

Rolta India Ltd. directed to adhere to proper accounting standards

Pursuant to investigations carried out by SEBI, Rolta India Ltd. has been found to have violated the provisions of Regulation 5 of SEBI (Prohibition of Fraudulent and Unfair Trade Practice relating to Securities Market) Regulations, 1995 by adopting, for seven consecutive years an improper accounting practice of including the cost of item partaking the nature of fixed asset in the "sales." This practice followed by Rolta India Ltd. has the potential of influencing the price of the scrip and misleading the investors. 
 
Therefore, by means of an order, passed by Shri T.M. Nagarajan, Whole Time Member, SEBI on July 20, 2004, Rolta India Ltd. has been directed to discontinue its practice of including the cost of self assembled capital equipment or any capitalisable item in the sales/ revenue, henceforth and not to adopt, in future, any accounting practice inconsistent with relevant Indian/ International Accounting standards.
 
 
Mumbai
 
July 22, 2004