December 21, 2005
PR No. 162/2005

Order in the matter of public issue of GCCL Infrastructure & Projects Ltd.

Securities and Exchange Board of India (SEBI) has passed an order under sections 11 and 11B of Securities and Exchange Board Of India, Act, 1992 read with regulation 11 and 13 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 in the matter of public issue of GCCL Infrastructure & Projects Ltd.

As per the order, none of the shares of GCCL held by the nine non-traceable, fictitious and non-genuine finance companies and OCB, namely M/s. Ripple Securities & Services (P) Ltd., M/s. Honest Credit Capital Ltd., M/s. Promise Finance Pvt. Ltd. M/s. Patel Securities & Stock Holdings (P) Ltd., M/s. Image Caplease Ltd., M/s. Pushkaravat Finlease Pvt. Ltd., M/s. Upward Trend Equity Reserve Pvt. Ltd., M/s. Reliable Wind Energy Ltd., M/s. Rishabh Securities Ltd. and M/s. Willow Wood Corporation respectively, shall be traded or transferred in any manner whatsoever.

Further, all these nine finance companies and one OCB, as aforesaid, are restrained from accessing the securities market and are prohibited from being associated with securities market to buy, sell or otherwise deal in securities in any manner whatsoever.

The Order has been passed by Shri G.Anantharaman, Whole Time Member, SEBI, on December 21, 2005.

Mumbai

December 21, 2005