Member of the National Stock Exchange of India Ltd.

The Securities and Exchange Board of India (SEBI) has passed an order dated June 09, 2004 suspending the certificate of registration granted to M/s. Munjal Leasing Ltd., (SEBI Registration No. INB230837836), member of the National Stock Exchange of India Ltd., for a period of six months with effect from June 30, 2004.

M/s. Munjal Leasing Ltd., member of the National Stock Exchange of India Ltd., will not be entitled to carry on the business as a Stock Broker with effect from June 30, 2004 till December 30, 2004. The penalty is imposed for irregularities in issuance of Contract Notes, Non-segregation of own accounts and client accounts, Dealing with unregistered sub-brokers, Non-maintenance of books of accounts, Submission of wrong information to SEBI, Non-redressal of investor grievances etc.

Mumbai

June 11, 2004