The Calcutta Stock Exchange (CSE) failed to pass annual accounts for two consecutive years, 2001-02 and 2002-03, at annual general meetings today. Both the meetings were adjourned and deferred by six weeks. | |
| Exchange administrator Tushar Kanti Das postponded the 79th AGM, which proposed to adopt the financial results for 2001-02, by one-and-a-half hours following members' demands that he reply to their queries related to proposed adjustment of Rs 4.20 lakh from their contribution to the settlement guarantee fund (SGF). |
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| The members' also demanded entry of the media to the meeting venue in line with the age-old policy of the bourse as well as good practice. |
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| A reluctant Das was forced to approve the demand. Later Das adjourned the 79th AGM as pandemonium ensued. |
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| Talking to the media after the meetings, Das said he had nothing to do with the decision on the "SGF issue as it was taken by the board in 2001 and also approved by shareholders in the 2001 AGM." |
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| Around 5 pm, Das and secretary P K Roy assembled in the trading hall for the meeting to discuss the agenda of the 80th AGM. |
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| The first resolution on annual accounts for 2002-03 was stalled as annual accounts for the previous year was not approved by the members. |
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| The members were, however, keen to pass the special resolution relating to the demutualisation scheme. However, chaos broke out when several attempts by members to make observations failed. |
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| Members experienced a peculiar problem: the could not speak as the sound system was dead. At the same, the microphones through which Das and secretary P K Roy were conducting meeting were live. Members alleged that "Das deliberately switched off" their microphones. |
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| A member, Sultan Osman, proposed the name of Radheshyam Chowdhury, a veteran Lyons Range broker, as chairman of the meeting, poitning out that the administrator had no locus standi to preside over general body meeting under CSE bye-laws. |
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| Das rejected the proposal. He said: "A Sebi appointed adminsitrator is tantamount to a committee. We have also take legal opinion." |
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| Members and exchange authorities were at loggerheads right through the day. Both claimed they were interested in putting the ailing bourse back on the rails, but their mutual mistrust dominated the day's proceedings. |
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