The Hindu Business Line : Truce at Coimbatore Stock Exchange

THE standoff between the Coimbatore Stock Exchange (CSX) and a section of its members seems to have ended with the Extraordinary General Meeting (EGM) convened by the latter on Monday (July 19) being called off.

The move comes in the wake of the decision of the CSX to induct three members to the council to fill the `casual vacancy'.

In a notification, the members, who had requisitioned the EGM, said the CSX Council had stated that without any adverse consequences to the members, the council had decided to treat as closed the show-cause notices issued to the members, following written representations and personal hearings on June 30.

The CSX communicated individually to Mr S.A. Thooyamani, Mr Ashok Lunia and Mr K. Padmanabha Reddy the council's decision at its July 15 meeting to induct them as directors of the council of management of the CSX.

Following this, the members, who had called for an EGM tomorrow, announced that the proposed meeting had been called off.

Mr R. Sriram, one of the petitioners who had filed a case in the Madras High Court earlier, in a communication to the Registrar of Companies, Coimbatore, (also a director in the CSX Council) stated that he, along with other petitioners, would be requesting the court's permission to withdraw their petition "since relief sought is granted by CSX council".

The petitioners had moved the High Court seeking interim stay of operation of the notices of withdrawal of membership rights of the petitioners and cited SEBI and the Coimbatore Stock Exchange/its ED as respondents. The High Court granted interim stay and ordered issue of notice to the respondents.

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