Magnetized accretion flows around black holes which include standing or oscillating shock waves can produce very realistic spectrum till a few MeV. These shocks accelerate hot electrons which produce power-law spectrum. The post-shock region intercepts soft-photons from an external source, namely, a Keplerian disk and also from distributed sources such as the synchrotron photons emitted from thermal and non-thermal electrons originated in the pre-shock and post-shock flow. These photons are inverse Comptonized by the thermal and the non-thermal electrons present in the CENBOL region. Computations show that the emitted radiation is extended till a few MeV. We include the bulk motion Comptonization as well and discuss its importance vis-a-vis the power-law spectrum produced by nonthermal electrons.