PRESS RELEASE

Member, Shri A. K Batra, SEBI has passed an Order No.MO/52/IVD/1/04 dated 28.01.2004, against M/s. Elvis India Ltd. and its Directors i.e. Dr. Prabhakar T Shah, Shri P K Gore, Shri Vithaldas T Bhagat and Shri Dilip V Bhagat in the matter of public issue of Elvis India Ltd. Vide the aforesaid Order, Member has in exercise of the powers conferred on him by virtue of Section 19 of the SEBI Act, 1992 read with Section 11B of SEBI Act, 1992 directed that M/s. Elvis India Ltd. be prohibited from accessing the capital market and buying, selling or dealing in securities for a period of three years and further prohibit the directors of EIL i.e. Dr. Prabhakar T Shah, Shri P K Gore, Shri Vithaldas T Bhagat and Shri Dilip V Bhagat from buying, selling or dealing in securities for period of three years.