| On October 9, 1968, the Honorable Judge of the United States District Court for the Southern District of New York entered a final judgment against the Bank of India Ltd. ("BIC") in a civil action brought by the U.S. Attorney's Office for the Southern District of New York ("SDNY"). According to the court's order, filed on October 9, 1968, "The orders now under appeal do not finally dispose of those rights, but leave them to be determined by the Courts in the ordinary way." The court held that the issuance of an interim injunction was a final judgment which resolved the issues raised in the earlier cases. The court also ruled that the BIC certificate should stand and that the parties could proceed with their claims without having their judgments or orders issued by the courts. The court further ruled that the Commission of Inquiry had failed to determine whether the BIC certificate was valid. The court granted the Commission of Inquiry's request for an asset freeze and other emergency relief. The SEC's complaint, filed in the U.S. District Court for the Southern District of New York ("SDNY"), alleges that Abdul Rahman violated Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder, and that the Commission has failed to adequately consider the merits of the case. The Commission is seeking a permanent injunction, disgorgement of ill-gotten gains plus prejudgment interest, and civil money penalties. The litigation will be led by Mohanlal Maganlal Thakkar and supervised by Sanjay Wadhwa. The SEC appreciates the assistance of the U.S. Attorney's Office for the Southern District of New York ("SDNY"). |