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Wednesday, Sep 25, 2002

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HC decree of Rs 5.82 cr on ex-CSE director

Our Legal Correspondent

KOLKATA, Sept. 24

Mr JUSTICE G.C. Gupta of the Calcutta High Court has passed a decree for payment of Rs 5.82 crore, being the principal amount, with interest at the rate of 9 per cent from March 8, 2001 till the date of payment against Mr D.K. Singhania, a stockbroker and member and director of Calcutta Stock Exchange Association Ltd (CSE).

The CSE had filed a suit for recovery of the amount. In the suit, it was stated that Mr Singhania failed to carry out his pay-in obligations to the CSE during the transactional period and at one point of time, the dues shot up to over Rs 91 crore. The CSE, in exercise of its powers, encashed the securities and adjusted the outstandings of nearly Rs 85 crore.

It was stated that in spite of repeated reminders, Mr Singhania failed to pay the outstanding amount and owing to non-payment of pay-in liability of Mr Singhania, CSE declared him as a defaulter; hence the suit was filed.

However, the Court granted three weeks' time to Mr Singhania to pay the amount, failing which CSE would execute the decree.

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