CORRIGENDUM TO PUBLIC ANNOUNCEMENT TO THE SHAREHOLDERS OF RRM SHARES & SECURITIES LIMITED (“RRM”) 

Further to the Public Announcement (“PA”) dated January 22, 2003 to the shareholders of RRM issued by Ashika Capital Ltd. on behalf of Sri Ganesh Prasad Gupta, Sri Manoj Kumar Gupta, Sri Ramesh Chandra Gupta, Sri Pramod Kumar Gupta, Sri Mahesh Prasad Gupta, Sri Tapeshwari Prasad Gupta, Sri Sunil Kumar Gupta & Sri Suresh Prasad Gupta, all being residents of 21/50-A, Etawah Bazar, Kanpur-208001 (“Acquirers”), the shareholders are requested to kindly note the following: 

1.    Under the head 1. The Offer of PA : 

§         The average of the weekly high & low of the closing prices of the shares of the Target Company as quoted on CSE where the shares of the Company are most frequently traded during the 26 weeks or the average of the daily high and low of the closing prices of the shares on CSE during the 2 weeks preceding the date of Public Announcement is Rs.4.42/-. Accordingly, the minimum price (“SEBI minimum price”) in terms of Regulation 20 of the Regulations is Rs.4.42 per share. The Offer price of Rs.5/- is approximately 13% premium to the SEBI minimum price.  

§         Since the highest price in terms of the Regulations comes out to be Rs. 4.42/-, the offer price of Rs. 5/- for every fully paid equity share is justified in terms of Regulation 20(11) of the Regulations. 

2.    Under the head 3. Information about the Target Company of PA : 

• RRM is a Non-Banking Financial Company registered with RBI (Registration No. 05.02319 dated 16.05.1998). As per the available information, RRM has duly complied with the requirements in respect of RBI registration wherever applicable and has not raised any Public Deposits till date.
• The Company is presently engaged in the business of dealing & investment in shares & securities, mutual funds schemes, providing short-term loans and advances, placement of inter corporate deposits and other financial services.
• As confirmed to us, the Acquirers do not require any specific approval from RBI for the purpose of change in control of RRM and no penal action has been taken against RRM till date by RBI. 

3.    Under the head 8. Other Terms of the Offer of PA: 

• The marketable lot for both physical and demat shares is 1. 
• The shareholders who are desirous of withdrawing their acceptances tendered in the Offer, can do so upto three working days prior to the date of closure of the Offer, i.e. on or before 07.04.2003 in terms of Regulation 22(5A). 
• The withdrawal option can be exercised by submitting the document as per the instruction below, so as to reach the Registrar to the Offer on or before 07.04.2003. The withdrawal option can be exercised by submitting the form of withdrawal. You may devise a suitable form of withdrawal.

§         In case of non-receipt of the form of withdrawal, the withdrawal option can be exercised by making an application on plain paper alongwith the following details:
a.            In case of physical shares: Name, address, distinctive numbers, folio nos., number of shares tendered / withdrawn.
b.            In case of dematerialised shares: Name, address, number of shares tendered / withdrawn, DP name, DP ID, Beneficiary account no. and a photocopy of delivery instruction in “off market” mode or counterfoil of the delivery instruction in “off market” mode, duly acknowledged by the DP in favour of the Depository Escrow Account. 

§         The shares withdrawn by the shareholders, if any would be returned by registered post, in case of physical shares.

4.    The Public Announcement dated 22.01.2003 and this Corrigendum to the Public Announcement is issued by the Manager to the Offer on behalf of the Acquirers. 

This Corrigendum to Public Announcement shall be available on SEBI website at www.sebi.gov.in 
The Acquirers accept full responsibility for the information contained in this Announcement. 

Issued on behalf of Acquirers by: