SEBI ORDER AGAINST

SHRI SAMIR C ARORA

SEBI had conducted investigations into the affairs of Alliance Capital Asset Management (I) Pvt. Ltd. SEBI has found Shri Samir C Arora, former fund manager of Alliance Capital Mutual Fund, guilty of grave professional misconduct, market manipulations and insider trading in violation of SEBI Regulations. Whole-Time Member (T M Nagarajan), SEBI has passed final order vide order dated March 31, 2004 prohibiting Shri Samir C Arora from buying, selling or dealing in securities, in any manner, directly or indirectly, for a period of five years. The period of prohibition already undergone by Shri Samir C Arora pursuant to the interim order dated August 9, 2003 will be included in the above period. The order also provides that, if, in the meantime Shri Samir C. Arora desires to sell the securities, if any, currently held by him he may do so only after obtaining prior written permission of SEBI. The order shall come into force from the date of the order.