service not really down

Hi,
I am using tcpserver and daemontools for telnet server. 
But even when I "down" the service, I can see the process in output of
"ps aux"

# cat telnet/run
#!/bin/sh
exec 2>&1
exec /usr/local/bin/tcpserver -x ./tcp.cdb -vHRl0 0 23 /usr/sbin/telnetd

# svc -d /service/telnet

# svstat /service/telnet/
/service/telnet/: down 59 seconds, normally up

# ps aux |grep telnet
root     17442  0.0  0.1  1320  264 ?        S    19:28   0:00 supervise
telnet
root     21319  0.0  0.1  1344  272 ?        S    19:28   0:00
/usr/local/bin/tcpserver -x ./tcp.cdb -vHRl0 0 23 /usr/sbin/telnetd

What is wrong here? What am I missing? I am using it on Mandrake 9.2

With warm regards,
-Payal