GENERAL MANAGER

MIRSD - DIVISION OF POLICY AND SUPERVISION – II

Ph: 02222164428, 29, 49

DPS-II/GTB-ECS/16703/2004

July 29, 2004

 To All Stock Exchanges / NSDL / CDSL

and RAIN.

 Dear Sir,

  As you are aware, the Central Government has issued an Order of Moratorium in respect of Global Trust Bank Ltd (GTB) till October 23, 2004. In terms of the order of Moratorium, depositors of GTB will be permitted to withdraw up to Rs 10,000/- only from their accounts with the bank during the period of moratorium.

 In view of the above, it is advised that in cases where investors have given the details of their bank account with GTB for ECS facility, Registrars and share transfer agents and the issuer companies may make the payment of dividend, interest and other cash benefits through warrants (payment instruments) without printing thereon the name of the bank account details of GTB. In case, however, alternate bank account details have since been given by the investors, such account details shall be printed on the payment instruments.

 The Stock Exchanges and the Depositories are advised to instruct the listed companies / Registrars and share transfer agents accordingly.  

 Please note that this is a temporary exemption from the applicability of Circular Ref Nos. DCC/FITTCir-3/2001 dated October 15, 2001 and D&CC/FITTC/Cir-04/2001 dated November 13, 2001, available only to those investors who have furnished details of bank accounts with GTB for ECS facility.  

  Yours faithfully,

 

SURESH B MENON