PRESS RELEASE

The Everest Fund (Mauritius) Limited is registered as a sub-account of the FII , Taib Bank E.C.(SEBI Registration No. IN-UE-FE-0119-93) . Certain short sales were observed in respect of trades conducted by Taib Bank E.C. on behalf of The Everest Fund (Mauritius) Limited . Vide Order dated September 20, 2003 passed by Shri T.M. Nagarajan, Whole Time Member , Taib Bank E.C. has been warned that any recurrence of short selling or any violation of FII Regulations in future will be viewed seriously by SEBI.