PRESS RELEASE

Chairman’s Order under Section 11(B) in respect of Shri Madhusudan Jain & Shri Basanti Lal Kakrecha

Chairman SEBI has passed an order dated 10/3/2003, against Shri Madhusudan Jain and Shri Basantilal Kakrecha in the case of Mandu Industries Ltd. debarring them from dealing in securities and accessing the capital market for a period of two years with immediate effect.