DEPOSITORY AND CUSTODIAL CELL

Sub:- Prosecution of Manna Glass Tech Industries Limited for delaying dematerialisation

Securities and Exchange Board of India had conducted an inspection of M/s. Manna Glass Tech Industries Limited, Ahmedabad during July 2002 to look into the alleged delay in dematerialisation of shares by the company.

During the course of inspection, it was observed that the company had kept 1933 requests consisting of 61,69,500 shares pending for a period ranging upto 18 months representing about 35.35% of the free floating stock of the company. The company had kept these requests pending for more than 18 months. It was also observed that the company had deliberately delayed the dematerialisation of shares and was unconcerned about the grievances of the investors.

The company could not provide any plausible explanation for the delay in Dematerialisation. Taking these aspects into consideration, Securities and Exchange Board of India had filed complaint before the Additional Chief Metropolitan Magistrate, 8th Court, Mumbai against the company and its whole-time Directors viz. S / Shri Ashok. N. Chokshi, Dattatray Sawant and Jayesh Mehta. The Court has taken cognizance of the offences against the accused and has issued process against them.