March 17, 2005
PR No. 58/2005

Order in the matter of Kolar Biotech Ltd. and others

Securities and Exchange Board of India (SEBI) is conducting investigations into the dealings in the scrip of Kolar Biotech Ltd. (KBL) upon receipt of complaints that Kolar Biotech Ltd. and its promoters have committed serious irregularities in the securities market. SEBI vide order dated September 30, 2004, restrained 58 entities from dealing in the securities of Kolar Biotech Ltd (KBL), Soundcraft Industries Ltd (SIL) and Adam Comsof Ltd. (ACL) till investigations are complete. The 58 entities against whom the interim orders were issued, were either promoters, or directors or major shareholders of KBL, SIL and ACL who were major sellers in the scrip during the relevant period. Subsequently, SEBI gave a post-decisional opportunity of personal hearing / opportunity to make submissions to the said 58 entities. Pursuant to the same, SEBI vide order dated February 18, 2005 has directed that the order dated September 30, 2004 restraining these 58 entities from buying selling or dealing in any manner the shares of Kolar Biotech Ltd., Soundcraft Industries Ltd. and Adam Comsof Ltd. and further prohibiting them from buying, selling or transferring, pledging or disposing off or deal in any other manner the shares of these companies, directly or indirectly, shall continue until further orders. 
March 17, 2005