PRESS RELEASE - SEBI
January 16, 2004
PR No. 09/2004

INVESTIGATION DEPARTMENT

SUB: ORDER UNDER SECTION 11(4)(b) READ WITH SECTION 11 AND 11BOF SECURITIES AND EXCHANGE BOARD OF INDIA, ACT, 1992 IN THE MATTER OF PREFERENTIAL ALLOTMENT OF SHARES BY CMM BROADCASTING NETWORK LTD.

Shri T. M. Nagarajan, Whole Time Member, SEBI has passed an order dated January 15, 2004 in the matter of preferential allotment of 93 lakh shares of CMM Broadcasting Network Ltd. Preferential allotttees / associated entities appeared to have violated SEBI preferential issue guidelines. Order has been issued directing that preferential allotttees / associated entities be prohibited from buying, selling or dealing in the securities of the company CMM Broadcasting Network Ltd. till further orders. It has been further directed that preferential allotttees / associated entities the shares of CMM Broadcasting Network Ltd. held by these entities /persons and lying in their demat accounts and /or in any other demat accounts of such persons / entities shall be frozen till further orders.

This order shall come into force with immediate effect.