Chennai-based DSQ Software may earn the dubious distinction of becoming the first company to be referred to the newly-created Serious Frauds Investigation Office for its role in the securities scam, sources said on Tuesday.
Observing a 'disturbing nexus' between officials of DSQ group, CSE, SCHIL and UTI, the Joint Parliamentary Committee on stock scam on Thursday asked various regulators to expedite probe into the matter that led to a Rs 21.40-crore loss to UTI.
The Sebi board, which met on Monday, however accepted the recommendations of a committee that had G Mohan Gopal, director of National Judicial Academy in Bhopal, and the then RBI deputy governor, V Leeladhar, in a third case where no adverse remarks had been made on Sebi's role.
In a breakthrough in the probe into the Rs 595-crore (Rs 5.95 billion) scam that shook the capital market, the Central Bureau of Investigation arrested the director of DSQ software company Dinesh Dalmia in New Delhi.
Raj Kumar Sharma and Manmohan Menani, directors of Barrel Trading and Investment Company in Kolkata, were arrested in connection with the Rs 120 crore scam at the Calcutta Stock Exchange in March, 2001, the police said.
Bizarre it may sound, but Indian officials on Thursday claimed the four weightlifters disqualified from the Nanjing Youth Asian Games were allowed to take part in their respective events and only their results were not considered for medals.
Each scam that comes out in the open shows the regulators to be miles behind.
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