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Our Legal Correspondent

Kolkata, June 22

A Division Bench of the Calcutta High Court comprising Mr Justice D.P. Sengupta and Mr Justice B. Samaddar on Thursday rejected the bail petition of Mr Dinesh Dalmiya, the prime accused in the Rs 120-crore scam of the Calcutta Stock Exchange (CSE) in 2001.

Mr Dalmiya was arrested by the CBI in connection with three cases — one filed by the Securities and Exchange Board of India and the other two by CSE.

Thursday's bail petition was rejected in connection with the SEBI complaint case. In the complaint, SEBI alleged that the DSQ Software chief, Mr Dalmiya, and the other accused cheated small investors by way of internal trading. The money involved amounted to over Rs 500 crore.

SEBI being the regulatory authority investigated the matter and found Mr Dalmiya and others guilty. Counsel for Mr Dalmiya, while praying for bail, argued that it is a simple complaint case and the accused is in custody for 78 days, hence, the question of tampering of evidence does not and cannot arise as the entire papers are with the investigating authority.

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