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April 3, 2001
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Money > Business Headlines > Report April 3, 2001 |
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Ex-SBI chief Basu to head CSE sub-committeeBS Bureau The Calcutta Stock Exchange on Monday appointed a five-member management sub-committee, under the chairmanship of former State Bank of India chairman Dipankar Basu, to run the bourse for the interim period leading to the corporatisation of the bourse. Others in the committee are the CSE executive director Tapas Datta, Unit Trust of India (UTI) director BG Daga, Pricewater-houseCoopers managing director (MCS business) Roopen Roy and Indian Institute of Management professor V N Reddy. While Datta would be looking after the day-to-day running of the bourse, the key function of the sub-committee would be to recover the dues from the three defaulting parties, Dinesh Singhania, Ashok Poddar, Harish Chandra Biyani and their firms, a member of the sub-committee said. He also said CSE would appoint leading legal firm, Sandersons & Morgans, to assist the bourse in recovering the dues. The exchange today tasted some success in its legal battle with four brokers at the Calcutta High Court on the issue of the penalty imposed by the bourse on trades alleged to be dubious. In two of the cases - against Express Securities and Agbros Securities - the interlocutory court vacated the injunction it had earlier placed on the bourse's decision to impose a penalty on their 'dubious' trades. In the third case, Goutam Bajoria sought the court's approval to discuss the matter with the exchange. The exchange has decided to alter its pay-in/pay-out schedule by advancing the process by a day. Pay-in from now on would take place on Wednesdays, while pay-out would be completed by Thursdays. This move would ensure that the pay-in for a settlement takes place before the completion of the next, and in case of default, the exchange can force the defaulter to square off his outstanding position and prevent him from carrying it over to yet another settlement. Had the schedule been such, the default in settlement 2001148 would not have spilled over to 2001150, and could have been contained within 2001149. Meanwhile, the exchange committed a faux pas on Monday by de-activating the terminals of over 50 brokers for no major fault. CSE executive director Tapas Datta admitted that it was a human error.
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