| The Honorable Hidayatullah J. Gupte of the Central Government Industrial Tribunal has issued an order suspending proceedings against the Bombay Port Trust Employees' Union (PTCU) in a case that was brought by the U.S. Attorney's Office for the Southern District of New York. The SEC's complaint, filed on September 20, 1963 in the United States District Court for the Southern District of New York, alleges that the PTCU violated Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder and Rules 10b-5 and 13b2-1 thereunder. According to the complaint, the PTCU had under its control several docks at the time of the change. The complaint alleges that the PTCU did not have sufficient information to determine whether the hours of work needed to be fixed. In addition, the complaint alleges that the PTCU had not provided sufficient information about the nature of the work performed by the shore crew at the Prince's and Victoria Docks. Without admitting or denying the allegations in the complaint, the PTCU consented to the entry of a final judgment permanently enjoining it from violating Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act and Rules 12b-20, 13a-1, 13a-11 and 13a-13 thereunder. The settlement is subject to court approval. The SEC's investigation was conducted by John Rymas and supervised by Mr. Gupte. The litigation will be led by Mr. Choudhuri. The SEC appreciates the assistance of the U.S. Attorney's Office for the Southern District of New York and the Federal Bureau of Investigation. |