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April 17, 2001
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Money > Business Headlines > Report April 17, 2001 |
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CSE defaulter lodges claim for Rs 25 million with exchangeBS Bureau A key Calcutta Stock Exchange defaulter, Dinesh Kumar Singhania, has claimed in a letter that the bourse owes him Rs 25 million, whereas according to CSE's estimates, Singhania owes the exchange close to Rs 60 million on account of his proprietary membership. According to officials at the exchange, Singhania has not stated the grounds for such claims. "We are quite surprised by the move. The claim does not appear to be credible," a top-level CSE official said. The exchange, however, has decided to re-examine its estimates again. Singhania and his group firms, Arihant Exim, Doe Jones and Tripoli, jointly owe the CSE a little over Rs 340 million, while two other defaulting groups Ashok Poddar and Harish Biyani owe the exchange Rs 270 million and Rs 300 million, respectively. The combined outstanding of the three defaulting groups stands a shade over Rs 910 million. Biyani had recently moved the Calcutta High Court challenging the exchange's decision to declare him a defaulter, but he eventually withdrew his writ sensing that the court would not uphold his contentions. The court has ruled in favour of the exchange in the four cases against brokers penalised for 'collusive' trades. The Calcutta High Court had initially imposed an injunction, but later withdrew it in one of the cases, while the other litigants have sought time from the court to discuss the matter with the CSE administration. Powered by YOU MAY ALSO WANT TO READ:
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