Dalmia Reduces Dsq Bio Stake To 2.2 Per Cent

Dinesh Dalmia, the promoter of the DSQ group of companies, has reduced his shareholding in DSQ Biotech Ltd by 4.95 per cent in the last three months to December 31, 2001, according to data published on stock exchange websites.

Dalmia's holding in the company as on December 31, 2001, stands at 2.2 per cent, down from 6.75 per cent as on September 30, 2001.

The promoter's stake has fallen by almost 50 per cent in the last 12 months. It stood at 52 per cent in January 2001, and had dropped to 8.42 per cent in June 2001.

Even in DSQ Software, the promoter's holding, as per the company's filing with the stock exchanges, had dropped to 1.95 per cent as on December 2001.

In March 2001, the holding of promoter and persons acting in concert with promoter was around 17.28 per cent.

Thus, in both DSQ Software and DSQ Biotech, Dinesh Dalmia is at the helm with shareholding of 2 per cent.

It is not known whether any other group of shareholders are supporting him at this moment. Dalmia was unavailable for comment and the company spokesperson also did not respond to queries.

DSQ officials had earlier said the company had placed these shares with a few funding agencies to raise additional capital, adding that the promoters get back the shares when the funds were repaid. However, did not explain how the monies were utilised.

The Securities and Exchange Board of India (Sebi), in its interim report submitted to the Joint Parliamentary Committee, had stated that promoter-entities had sold substantial quantities -- up to 30 per cent of equity -- in the company.

Even after such sales, the report stated that these entities had debit balance of Rs 50 crore.

Meanwhile, DSQ Biotech during the three months ended December 31, 2001, incurred a loss of Rs 2.04 crore on a turnover of Rs 5.01 crore as against a net profit of Rs 10.4 crore on a turnover of Rs 35.4 crore during the same period in 2000.