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CSE broker directors seek personal hearing before SEBI
Kolkata, Sept 21: Blaming public representatives on the board for the present uncertainty at the Calcutta Stock Exchange, elected directors have sought a personal hearing before Securities and Exchange Board of India (SEBI) to express their opinion on several issues including the showcause notice for superseding the bourse`s management.
Kolkata, Sept 21: Blaming public representatives on the board for the present uncertainty at the Calcutta Stock Exchange, elected directors have sought a personal hearing before Securities and Exchange Board of India (SEBI) to express their opinion on several issues including the showcause notice for superseding the bourse's management.
"Any decision on this matter without giving an opportunity of personal hearing will injure the principle of natural justice and will be very damaging in the interest of the capital market of the India," all the seven elected directors said in reply to SEBI's August 28 showcause notice.
They also requested the market watchdog that the exchange's former chairman Supriyo Gupta and all public representatives, who resigned after receipt of the showcause notice, should also be asked to present themselves at the personal hearings.
The elected directors - Vijay Kumar Agarwal, Shankarlal Agarwal, S K Kaushik, H K Singhania, Sultan Osman and R K Bhaia - in their reply to SEBI's notice said the public representative directors "did not discharge their duty after receiving the notice and ran away at a time of crisis."
They alleged that the CSE management led by the chairman had started looking for an escape route soon after receiving the notice on August 28 to avoid accountability and fixation of responsibility and kept it a secret till September nine.
Bureau Report
They also requested the market watchdog that the exchange's former chairman Supriyo Gupta and all public representatives, who resigned after receipt of the showcause notice, should also be asked to present themselves at the personal hearings.
The elected directors - Vijay Kumar Agarwal, Shankarlal Agarwal, S K Kaushik, H K Singhania, Sultan Osman and R K Bhaia - in their reply to SEBI's notice said the public representative directors "did not discharge their duty after receiving the notice and ran away at a time of crisis."
They alleged that the CSE management led by the chairman had started looking for an escape route soon after receiving the notice on August 28 to avoid accountability and fixation of responsibility and kept it a secret till September nine.
Bureau Report