SEBI Board Meeting on P Notes Issue

PRESS RELEASE

PR No.286/2007

SEBI Board Meeting

The SEBI Board today discussed the various issues relating to registration of FIIs viz issuance of P-Note/ODIs by some FIIs/Sub-accounts, the linkages (or absence thereof) between quantum of P-Notes/ODIs issued v/s the capital flows into the Indian markets.

The Board also discussed the nature of measures that need to be implemented immediately vis-à-vis the long term direction of the policy aspects relating to participation of foreign entities in the Indian Securities Market. It was felt that in the long term, SEBI may consider introduction of a regime of KYC/AML/CFT certification on foreign entities seeking to invest in the Indian markets, as is currently applicable on domestic entities, compliance with which will enable such entity to invest directly.

Having regard to the need to contain the export of the Indian capital markets, the Board felt that in the long term the approach should be to enable access to Indian markets by quality investors, by introducing a range of innovative products, including OTC derivatives, as are available in other markets, at competitive costs.

The Board discussed the policy measures on Offshore Derivative Instruments (Participatory Notes) hosted by SEBI on its website on October 16, 2007. Having considered the comments and suggestions in response to the proposals, the Board has taken the following decisions:

1. It was proposed that "FIIs and their sub-accounts shall not issue/renew ODIs with underlying as derivatives with immediate effect. They are required to wind up the current position over 18 months, during which period SEBI will review the position from time to time."

It is has already been clarified by SEBI that there is no proposed bar on ODI contracts, expiring this month or in the following months, being renewed, provided the renewal does not go beyond 18 months. It was further made clear that this proposal did not in any manner seek to restrict renewal or rollover of Indian Exchange Traded Derivative Contracts by the FIIs.

FIIs/sub-accounts are free to invest in derivatives traded on recognized stock exchanges.

The Board decided that starting from the date of implementation of this proposal, they can not issue P-Notes that are based on such derivatives.

2. It was proposed that "further issuance of ODIs by the sub-accounts of FIIs will be discontinued with immediate effect. They will be required to wind up the current position over 18 months, during which period SEBI will review the position from time to time."

The Board decided that from the date of implementation of the proposal, no sub-account can issue fresh ODIs. Existing ODI issuing sub-accounts have to ensure that they wind up all their ODIs within 18 months of implementation of the proposal.

SEBI had received several requests from existing P-Note issuing sub-accounts on the above proposal. Taking note of the transition being made by the sub-accounts currently issuing participatory notes, into FIIs, and in order to ensure implementation of the proposals in a non-disruptive manner, the Board has decided that that these applicants be treated as if they were FIIs as on the date decided for calculation of the AUC for the above proposals.

3. It was proposed that "The FIIs who are currently issuing ODIs with notional value of PNs outstanding (excluding derivatives) as a percentage of their AUC in India of less than 40% shall be allowed to issue further ODIs only at the incremental rate of 5% of their AUC in India. "

The Board confirmed the proposal with the understanding that 5% incremental issuance allowed to such FIIs would be applicable on an annual basis, till such time that the percentage reaches 40%, after which the entity will abide by the proposal applicable to entities above the 40% limit.

4. It was proposed that "Those FIIs with notional value of PNs outstanding (excluding derivatives) as a percentage of their AUC in India of more than 40% shall issue PNs only against cancellation / redemption / closing out of the existing PNs of at least equivalent amount." The Board confirmed the proposal.

5. The Board discussed several possible dates for implementation of the above proposals. Taking into account the fact that reporting of P-Notes/ODIs by FIIs is on a monthly basis and the last available data with SEBI was in respect of September 2007, the Board decided that the effective date for calculation of the AUC for the purpose of determining the notional value of PNs issued as a percentage of AUC, for the above proposals shall be September 30, 2007. The proposal will however take effect after close of trading hours on October 25, 2007.

In view of the submissions of some PN-holders that they would like to register with SEBI directly, instead of participating through the P-Note route but are are unable to adhere to the eligibility criteria prescribed under the FII Regulations, the SEBI board has agreed to the following changes to the registration criteria

1. Broad-based criteria

The "broad-based" criteria shall now be modified to include entities having at least 20 investors, no single investor holding more than 49% (instead of 10% at present).

2. Track record of the applicant

Track record of individual fund managers will be considered for the purpose of ascertaining the track record of a newly set up fund, subject to such fund manager providing its disciplinary track record details.

3. Issuance of ODIs/PNs would be limited to only "regulated" entities and not "registered" entities.

4. FII and sub-account registrations will be perpetual, subject to payment of fees.

5. The Board further discussed the issue of registration of Pension Funds, Foundations, Endowments, University Funds and Charitable trusts or societies, which are not regulated with any regulatory authority and having regard to the nature of these entities, advised that these entities may be registered as FIIs without imposing the requirement of their being "regulated".

Mumbai

October 25, 2007

Thanks & Regards
Alagar

IRDA FAQ on Insurance Product - to know more

Dear All,

IRDA has come out FAQ for Insurance product, whoever investing in Insurance product, this might be uesfull to know more information about insurance product. The same is reproduced below for your perusal.

Unit Linked Insurance Products ( ULIPs)

Unit Linked Insurance Polices (ULIPS) Frequently Asked Questions (FAQs) Unit linked guidelines were notified by IRDA on 21st December 2005. The main intent of the guidelines was to ensure that they lead to greater transparency and understanding of these products among the insured, especially since the investment risk is borne by the policyholder. It is the endeavor of IRDA to enable the buyer to make the most informed decision possible when planning for financial security. We hope the following FAQs will enable a better insight to all buyers about the character and features of Unit linked Products. 1. What is a ULIP? ULIP is an abbreviation for Unit Linked Insurance Policy. A ULIP is a life insurance policy which provides a combination of risk cover and investment. The dynamics of the capital market have a direct bearing on the performance of the ULIPs. REMEMBER THAT IN A UNIT LINKED POLICY, THE INVESTMENT RISK IS GENERALLY BORNE BY THE INVESTOR. 2. What is a Unit Fund? The allocated (invested) portions of the premiums after deducting for all the charges and premium for risk cover under all policies in a particular fund as chosen by the policy holders are pooled together to form a Unit fund. 3. What is a Unit? It is a component of the Fund in a Unit Linked Policy. 4. What Types of Funds do ULIP Offer? Most insurers offer a wide range of funds to suit one's investment objectives, risk profile and time horizons. Different funds have different risk profiles. The potential for returns also varies from fund to fund. The following are some of the common types of funds available along with an indication of their risk characteristics. General Description Nature of Investments Risk Category Equity Funds Primarily invested in company stocks with the general aim of capital appreciation Medium to High Income, Fixed Interest and Bond Funds Invested in corporate bonds, government securities and other fixed income instruments Medium Cash Funds Sometimes known as Money Market Funds — invested in cash, bank deposits and money market instruments Low Balanced Funds Combining equity investment with fixed interest instruments Medium 5. Are Investment Returns Guaranteed in a ULIP? Investment returns from ULIP may not be guaranteed." In unit linked products/policies, the investment risk in investment portfolio is borne by the policy holder". Depending upon the performance of the unit linked fund(s) chosen; the policy holder may achieve gains or losses on his/her investments. It should also be noted that the past returns of a fund are not necessarily indicative of the future performance of the fund. 6. What are the Charges, fees and deductions in a ULIP? ULIPs offered by different insurers have varying charge structures. Broadly, the different types of fees and charges are given below. However it may be noted that insurers have the right to revise fees and charges over a period of time . 6.1 Premium Allocation Charge This is a percentage of the premium appropriated towards charges before allocating the units under the policy. This charge normally includes initial and renewal expenses apart from commission expenses. 6.2 Mortality Charges These are charges to provide for the cost of insurance coverage under the plan. Mortality charges depend on number of factors such as age, amount of coverage, state of health etc 6.3 Fund Management Fees These are fees levied for management of the fund(s) and are deducted before arriving at the Net Asset Value (NAV) . 6.4 Policy/ Administration Charges These are the fees for administration of the plan and levied by cancellation of units. This could be flat throughout the policy term or vary at a pre-determined rate. 6.5 Surrender Charges A surrender charge may be deducted for premature partial or full encashment of units wherever applicable, as mentioned in the policy conditions. 6.6 Fund Switching Charge Generally a limited number of fund switches may be allowed each year without charge, with subsequent switches, subject to a charge. 6.7 Service Tax Deductions Before allotment of the units the applicable service tax is deducted from the risk portion of the premium. Investors may note, that the portion of the premium after deducting for all charges and premium for risk cover is utilized for purchasing units 7.What should one verify before signing the proposal? One has to verify the approved sales brochure for • all the charges deductible under the policy • payment on premature surrender • features and benefits • limitations and exclusions • lapsation and its consequences • other disclosures • Illustration projecting benefits payable in two scenarios of 6% and 10% returns as prescribed by the life insurance council. 8. How much of the premium is used to purchase units? The full amount of premium paid is not allocated to purchase units. Insurers allot units on the portion of the premium remaining after providing for various charges, fees and deductions. However the quantum of premium used to purchase units varies from product to product. The total monetary value of the units allocated is invariably less than the amount of premium paid because the charges are first deducted from the premium collected and the remaining amount is used for allocating units. 9. Can one seek refund of premiums if not satisfied with the policy, after purchasing it? The policyholder can seek refund of premiums if he disagrees with the terms and conditions of the policy, within 15 days of receipt of the policy document (Free Look period ). The policyholder shall be refunded the fund value including charges levied through cancellation of units subject to deduction of expenses towards medical examination, stamp duty and proportionate risk premium for the period of cover. 10. What is Net Asset Value (NAV)? NAV is the value of each unit of the fund on a given day. The NAV of each fund is displayed on the website of the respective insurers. 11. What is the benefit payable in the event of risk occurring during the term of the policy? The Sum Assured and/or value of the fund units is normally payable to the beneficiaries in the event of risk to the life assured during the term as per the policy conditions. 12. What is the benefit payable on the maturity of the policy? The value of the fund units with bonuses, if any is payable on maturity of the policy. 13. Is it possible to invest additional contribution above the regular premium? Yes, one can invest additional contribution over and above the regular premiums as per their choice subject to the feature being available in the product. This facility is known as "TOP UP" facility. 14. Whether one can switch the investment fund after taking a ULIP policy? Yes. "SWITCH" option provides for shifting the investments in a policy from one fund to another provided the feature is available in the product. While a specified number of switches are generally effected free of cost, a fee is charged for switches made beyond the specified number. 15. Can a partial encashment/withdrawal be made? Yes, Products may have the "Partial Withdrawal" option which facilitates withdrawal of a portion of the investment in the policy. This is done through cancellation of a part of units. 16. What happens if payment of premiums is discontinued? a) Discontinuance within three years of commencement – If all the premiums have not been paid for at least three consecutive years from inception, the insurance cover shall cease immediately. Insurers may give an opportunity for revival within the period allowed; if the policy is not revived within that period, surrender value shall be paid at the end of third policy anniversary or at the end of the period allowed for revival, whichever is later. b) Discontinuance after three years of commencement -- At the end of the period allowed for revival, the contract shall be terminated by paying the surrender value. The insurer may offer to continue the insurance cover, if so opted for by the policy holder, levying appropriate charges until the fund value is not less than one full year's premium. When the fund value reaches an amount equivalent to one full year's premium, the contract shall be terminated by paying the fund value. 17. What information related to investments is provided by the Insurer to the policyholder? The Insurers are obliged to send an annual report, covering the fund performance during previous financial year in relation to the economic scenario, market developments etc. which should include fund performance analysis, investment portfolio of the fund, investment strategies and risk control measures adopted. In case, you need any clarification, you may address your query to the following e-mail id: premkunnel@irda.gov.in

Thanks & Regards
Alagar
Asst Manager - Merchant Banking
Karvy Investor Services Limited
G-1 Swathi Court
22, Vijayaraghava Road
T.Nagar, Chennai - 600 017
Tel: 044-28151034/3445/3658
Moble: 919884731993
e-mail: alagar.muthu@karvy.com
website: karvy.com

Guideline for Fair Valuation of shares to be issued under ESOP & Sweat Equity

Dear All,

Income Tax Department, Ministry of Finance has come out with guideline for valuation of shares to be issued under the ESOP Scheme and Sweat equity route vide Notification No. 264/2007, dated 23-10-2007.

According to this notification, the fair market value of any specified security or sweat equity share, being an equity share in a company, on the date on which the option vests with the employee, shall be determined as follows.

In the case of Listed Company:

On the date of the vesting of the option, the share in the company is listed on a recognized stock exchange, the fair market value shall be the average of the opening price and closing price of the share on that date on the said stock exchange:

Provided that where, on the date of vesting of the option, the share is listed on more than one recognized stock exchanges, the fair market value shall be the average of opening price and closing price of the share on the recognised stock exchange which records the highest volume of trading in the share:

Provided further that where, on the date of vesting of the option, there is no trading in the share on any recognized stock exchange, the fair market value shall be -

(a) the closing price of the share on any recognised stock exchange on a date closest to the date of vesting of the option and immediately preceding such date; or

(b) the closing price of the share on a recognised stock exchange, which records the highest volume of trading in such share, if the closing price, as on the date closest to the date of vesting of the option and immediately preceding such date, is recorded on more than one recognized stock exchange.

In the case of Unlisted Company:

In a case where, on the date of vesting of the option, the share in the company is not listed on a recognized stock exchange, the fair market value shall be such value of the share in the company as determined by category I merchant banker on the specified date.

Unlisted Companies ESOP Scheme is subject to compliance of ESOP IT Notification issued in the year 2001; Click here for the same - http://www.box.net/shared/p16eyrbkrl

Also you can access relevant notification on below link;

fn=/DitTaxmann/Notifications/IncomeTaxAct/2007/Notif264_2007.htm

your views are solicited on this guideline.

Thanks & Regards

Alagar

Exemption from SEBI Takeover Code

Dear All,

In the case of M/s Jain Studios Limited the SEBI vide its order dated 17th Oct 2007 has granted exemption from Open Offer under Regulation 11(2 & 2A) SEBI SAST Regulations for acquisition of shares by the promoters via preferential issue of shares to the extent of around 20% of voting capital.

Generally the SEBI will not give exemption from the open offer where a substantial shareholder (Promoters) of a target Company acquiring voting capital via preferential issue of shares for enhancing his shareholding as it may be lead to denying of opportunity to the small shareholders to exit from Company.

However, in this case the SEBI granted exemption from the Open Offer for acquisition of the shares via preferential issue based strong submission by the acquirers ( Promoters).

Please find below extract of the SEBI order in this connection and all of you requested to read the same.

SECURITIES AND EXCHANGE BOARD OF INDIA

ORDER

IN THE MATTER OF PROPOSED ACQUISITION BY PREFERENTIAL ALLOTMENT OF EQUITY SHARES OF JAIN STUDIOS LTD. BY ANKUR SERVICES AND GROWTH FUND LTD. – EXEMPTION APPLICATION FILED UNDER REGULATION 4(2) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 1997.

1.0 BACKGROUND

1.1 Jain Studios Ltd. (hereinafter referred to as the target company) is a company limited by shares incorporated under the Companies Act, 1956, having its office at Scindia Villa, Ring Road, Sarojini Nagar, New Delhi – 110023. The equity shares of the target company are listed on the Bombay Stock Exchange Ltd. (BSE), National Stock Exchange of India Ltd. (NSE), The Calcutta Stock Exchange Association Ltd. (CSE), The Delhi Stock Exchange Association Ltd. (DSE), Ahmedabad Stock Exchange Ltd. (ASE), Madras Stock Exchange Ltd. (MSE) and Vadodara Stock Exchange Ltd. (VSE).

1.2 Ankur Services and Growth Fund Ltd. (hereinafter referred to as the acquirer) belonged to the promoter group of the target company and currently holds 72,857 equity shares, constituting 0.5% of the total paid up capital of the target company. The promoter group of the target company (including the acquirer and the persons acting in concert) collectively holds 78.82 Lac shares of the target company constituting 54.79% of its paid up capital.

2.0 APPLICATION FOR EXEMPTION

2.1 The acquirer, vide letter dated June 08, 2007, forwarded an application to Securities and Exchange Board of India (hereinafter referred to as SEBI) made under regulation 4(2) read with regulation 3(1) (l) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, (hereinafter referred to as the Takeover Regulations). The said application has been filed seeking exemption from making public announcements and open offer under the provisions of regulation 10 and 11 of the Takeover Regulations with respect to its proposed acquisition of 1,15,94,203 equity shares of the target company @ Rs. 10 each at a premium of Rs. 7.25 per share, by way of preferential allotment. The exemption has been sought inter alia on the following:

i) The issuance of shares is necessitated, as a part of the settlement with the Industrial Development Bank of India (IDBI) through "Stressed Assets Stabilization Fund" (SASF) and the proposed allotment would make the target company debt free.

ii) Incase the target company does not carryout the proposed preferential allotment, it runs many risks including:

a) Non-settlement of dues with IDBI/SASF and the possible sinking of all capital of public financial institution.

b) Loss of over Rs. 43 crore which would wipe-off the entire net-worth of the target company which stood at Rs. 27.32 crores on March 31, 2006.

c) The target company operates in an industry where technology changes very quickly and incase of non-settlement, it would not be able to recapitalize its business. It would lead to further obsolescence of its technology and folding up of its main business in the near future.

d) The shareholders (8400) of the target company might loose their entire investment in it.

iii) The target company with the help of the acquirer and SASF managed to secure a deal which would revive its business and non execution of the said deal would be fatal to the target company and its shareholders.

2.2 The shareholding pattern of the target company before and after the proposed preferential allotment, as per the aforesaid application, is given below:

Category	No. of shares/ total voting rights held		Percentage of Shareholding
	Before the proposed acquisition	After the proposed acquisition	Before the proposed acquisition	After the proposed acquisition
Promoters	2,02,959	2,02,959	1.41	0.78
Acquirer (along with the persons acting in concert)	76,79,657	1,92,73,860	53.38	74.19
Mutual Funds	1,900	1,900	0.01	0.007
Public	65,03,366	65,03,366	45.21	25.02
TOTAL	1,43,85,982	2,59,80,185	100.00	100.00

3.0 RECOMMENDATION OF THE TAKEOVER PANEL

3.1 The aforesaid application of the acquirer was forwarded to the Takeover Panel by SEBI, in terms of Regulation 4 (4) of the Takeover Regulations and the Takeover Panel vide its report dated July 09, 2007 has recommended as under:

"The Panel considered the application and the documents filed in support and the factors, which are noted above and found that it is in the interest of common shareholders to recommend exemption as sought for and hence the Panel recommends exemption."

4.0 FURTHER SUBMISSIONS

4.1 The acquirer, inter alia stated that the preferential allotment of 115.94 lac shares of the target company would be made only to the acquirer and that pursuant to the said proposed allotment, the promoters' shareholding in the target company would increase to 74.97% of the enhanced paid up capital of the target company.

4.2 The acquirer, vide its letter dated July 31, 2007 and e- mail dated August 10, 2007 has further confirmed that:

i. the target company has complied with the Guidelines for Preferential Allotment including pricing as prescribed under Chapter XIII of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000.

ii. an Extra-Ordinary General Meeting ( EGM) of shareholders of the target company was convened on May 25, 2007 seeking the approval of its shareholders under section 81(1A) of the Companies Act, 1956 in respect of the proposed preferential allotment to the acquirer. The shareholders approved the special resolution under section 81 (1A) of the Companies Act, 1956 in respect of the said preferential allotment. The said resolution was approved by the shareholders of the target company other than the acquirer and that the acquirer had abstained from voting on the said resolution.

5 .0 FINDINGS:

5.1 I have carefully considered the application dated June 08, 2007 filed by the acquirer, the letter dated July 31, 2007, e-mail of the acquirer dated August 10, 2007 , the recommendations of the Takeover Panel and the relevant materials available on record.

5.2 I note, from the letter dated January 29, 2007 of SASF (filed by the acquirer along with its application) addressed inter alia to the target company/acquirer, that, the target company had taken a term loan of Rs. 24 crore from IDBI and that the acquirer along with others stood as guarantors for the said loan. SASF, in the said letter had inter alia advised the target company and the acquirer to repay the said loan together with the interest, accrued interest etc. The acquirer, vide letter dated nil (received by SEBI on June 12, 2007 ) further stated that SASF had agreed to settle the loan for an aggregate amount of Rs.21,18,00,000/-. It has been stated in the said letter that the target company had entered into an agreement dated March 30, 2007 with the acquirer and that the acquirer had agreed to step into the shoes of the target company in respect of the aforesaid loan. It was also stated that the acquirer would be totally and completely liable for all the payments towards SASF in respect of the above loan and that it would indemnify the target company from all the claims of SASF. The acquirer in the said letter had also informed that, towards the consideration for providing the money for repayment for the said loan, target company needed to issue its 1,15,94,203 equity shares to the acquirer.

5.3 I note that the acquirer belonged to the promoter group of the target company (promoter group) which holds 54.79% (together with the persons acting in concert) of the total paid up equity capital of the target company and the proposed acquisition by way of preferential allotment would increase the said shareholding of the promoter group to 74.97% of the total paid up equity capital of the target company. As the acquirer together with the other promoters is already having control over the target company, I note that there would not be any change in control pursuant to the proposed acquisition.

5.4 I further note that the EGM for passing the special resolution under section 81(1A) of the Companies Act, 1956 in respect of the proposed preferential allotment to the acquirer was held on May 25, 2007. In the notice sent to the shareholders in terms of section 173 of the Companies Act, 1956, the target company had proposed to the shareholders that the proposed preferential allotment (exclusively to the acquirer) would be pursuant to and in accordance with the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000 and subject to other approvals, permissions, etc. I note that, in the explanatory statement forming part of the notice of EGM, the target company had inter alia disclosed the identity of proposed allottee (the acquirer), the object and intention of the proposed preferential allotment, consequential changes, if any, etc. I also note from the submissions of the acquirer that it had abstained from voting on the special resolution.

5.5 I have also taken note from the submission by the acquirer that the special resolution required under section 81 (1A) of the Companies Act, 1956 has been passed by the shareholders of the target company after making all requisite disclosures to the shareholders to the notice of EGM and explanatory statement thereto. The target company, in respect of facility of voting through postal ballot for passing of the special resolution, vide e-mail dated August 10, 2007 informed SEBI that it would be difficult for it to take the approval of the shareholders again, as the cost involved in the process would very high. In the facts and circumstances of the case, especially in view of the fact that the special resolution for the preferential issue of shares was passed in the EGM held on May 25, 2007 and that the required disclosures had already been made in the explanatory statement, I am of the view that condition of passing special resolution under section 81 (1A) of the Companies Act, 1956 by providing facility of voting through postal ballot may not be insisted in this case.

5.6 In view of the above, I agree with the recommendations of the Takeover Panel and consider the present case as a fit case for granting exemption from making a public announcement as required under regulation 11 of the Takeover Regulations.

6.0 ORDER

6.1 In view of the foregoing, I , in exercise of the powers conferred upon me by virtue of section 19 of the Securities and Exchange Board of India Act, 1992 read with sub - regulation (6) of regulation 4 of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, hereby grant exemption to the acquirer, namely Ankur Services and Growth Fund Ltd. from complying with the provisions of Regulation 11 of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 with regard to the proposed preferential allotment of 1,15,94,203 equity shares of the target company, namely Jain Studios Ltd. ,subject to the conditions that the acquirer and the target company shall ensure –

i ) that in respect of the proposed preferential allotment, the relevant norms including the norms regarding the pricing specified in Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000 are observed and complied with;

ii) that there shall be no reduction in the minimum level of public shareholding required as per the listing agreement pursuant to the proposed preferential allotment and that the target company shall maintain the minimum level of public shareholding, as required in terms of the listing agreement.

iii) the target company shall comply with the undertaking given by it vide letter dated July 31, 2007.

6.2 The acquirer shall complete the proposed transaction within 30 days from the date of the order and file a report with Securities and Exchange Board of India in the manner specified in Regulation 3(4) read with Regulation 3(5) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 confirming compliance including conditions specified in this order.

G. ANANTHARAMAN

WHOLE TIME MEMBER

SECURITIES AND EXCHANGE BOARD OF INDIA

Place: Mumbai

Date: October 17, 2007

Thanks & Regards
--
Alagar
09884731993

--
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