Writ Against Cse Panel Dismissed
The Andhra Pradesh High Court has dismissed the writ petition of Yogesh Sharma, who was eyeing the post of Calcutta Stock Exchange's (CSE) executive director (ED).
Sharma had filed a writ petition in the high court against the Securities and Exchange Board of India (Sebi) chairman, CSE president and the selection committee, for unfairly rejecting Sharma for the post of executive director in the CSE.
The bourse's selection committee had earlier narrowed down the choice to Sharma of Mangal Finance, S R Sengupta, a member of the CSE and Brigadier V Parthasarathy, former executive director of Coimbatore Stock Exchange.
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Out of the three candidates, Sharma was rejected for alleged involvement in irregularities in Mangal Finance.
S R Sengupta was considered to be too close to the broking community in Calcutta to be able to discharge the duties of an ED properly. Brigadier Parthasarathy was finally selected but failed to confirm his acceptance to the CSE within the deadline fixed.
Hence, the fresh search for ED began for which the Sebi gave CSE the nod to put out advertisements and to let the bourse's executives apply for the mentioned post.
Now, the CSE has received about 65 applications for the post of ED. According to sources, the selection committee comprising Vijay Ranjan, the Sebi nominee on the CSE board, CSE president Dinesh Singhania, chairman of IFB group Bijon Nag and chairman of Tea Board S S Ahuja, will start interviewing the shortlisted candidates all over again.
The CSE is without an executive director for more than seven months. Secretary P K De has been officiating as the executive director for the past seven months.