PRESS RELEASE

M/s. Avani Plantations Ltd., Thane(APL) and M/s. Ion Exchange Enviro Farms Ltd., Mumbai (IEFL) were granted provisional registration by SEBI under the SEBI (Collective Investment Schemes) Regulations, 1999 (hereinafter referred to as the Regulations) subject to, interalia, compliance of certain conditions of the Regulations. While granting provisional registration to APL and IEFL, it was made clear to them by SEBI that granting of provisional registration to them did not authorize APL and IEFL to raise money from the public under their schemes. APL and IEFL failed to comply with certain conditions of the Regulations and their provisional registration expired on March 31, 2003 and February 15, 2003 respectively. In view of this, SEBI vide its letters dated April 25, 2003, has intimated APL and IEEFL that as existing Collective Investment Schemes, APL and IEEFL are now required to wind up their existing schemes and make repayment to the investors and report compliance to SEBI.

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