LITTLE ROCK, Ark., May 25, 2001 (PRIMEZONE) -- The law firm of Cauley Geller Bowman & Coates, LLP announced today that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of American Depository Shares ("ADSs") of India Ltd. ("Rediff" or the "Company") (Nasdaq:REDF) at, or traceable to Rediff's June 14, 2000 initial public offering ("IPO") and through March 22, 2001, inclusive. A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's Website at

The action, numbered 01-CV-3814, is pending against defendants Rediff; Ajit Balakrishnan (Chairman of the Board of Directors), Richard Li (Director), Nitin Gupta (President and Chief Operating Officer), Rajiv Warrier (Chief Financial Officer); and co-lead underwriters Goldman Sachs & Co., Credit Suisse First Boston Corp., and Robert Fleming Inc. The Honorable Harold Baer, Jr. is the Judge presiding over the case.

The complaint alleges violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933. On June 14, 2000, Rediff commenced an IPO of 4.6 million of its ADSs at an offering price of $12 per share. In connection therewith, Rediff filed a registration statement, which incorporated a prospectus (the "Prospectus"), with the SEC. The complaint alleges that the Prospectus was materially false and misleading because it failed to disclose, among other things, that: (i) Rediff's advertising client base was composed primarily of startups, while the Prospectus listed internationally known and well-heeled companies as "representative" of its advertising clients; (ii) prior to the IPO, Rediff had experienced significant problems with its email software systems which hindered its ability to attract viewers and advertisers to its Internet portal; (iii) a significant number of advertising contracts would terminate by December 2000, and (iv) the Prospectus stated that defendant Li had graduated from Stanford University, when he had not. On March 22, 2001, Rediff issued a press release announcing that revenue for its fourth fiscal quarter of 2001 would decline by 30%-35% from the prior quarter's sales. Also on March 22, 2001, it was reported that defendant Li had not graduated from Stanford University. On May 3, 2001, the price of Rediff ADSs closed at $3.12 -- a 74% decline from its IPO price of $12 per ADS.

If you bought Rediff ADSs at or traceable to its June 14, 2000 IPO and through March 22, 2001, you may, no later than June 11, 2001, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Cauley Geller Bowman & Coates, LLP, or other counsel of your choice, to serve as your counsel in this action. If you are a member of this class, you can join this class action online at

Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but represents shareholders from throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's Website at

   Client Relations Department:
   Sue Null, Charlie Gastineau or Jackie Addison
   P.O. Box 25438
   Little Rock, AR 72221-5438
   Toll Free: 1-888-551-9944

More information on this and other class actions can be found on the Class Action Newsline at

Cauley Geller Bowman & Coates, LLP 
Charlie Gastineau or Sue Null
(888) 551-9944