The Hindu : Happenings at DSQ board meet irk SEBI

Online edition of India's National Newspaper
Friday, Jul 05, 2002

Business

Business

Happenings at DSQ board meet irk SEBI

MUMBAI JULY 4. The Securities and Exchange Board of India (SEBI) has expressed concern over the reported "board room happenings'' of the Chennai-based DSQ Software.

There were press reports that the company directors had quit in a huff after the last week's board meeting witnessed heated exchanges.

The capital market watchdog has insisted that the Department of Company Affairs (DCA) investigate the matter.

"We will certainly act on the issue the moment we get any complaint from the investing public or the board members, a SEBI official said here.

The company has, however, denied any truth in the reports of "high drama at DSQ Software.''

In a communication to the Bombay Stock Exchange (BSE) today, the company has clarified that the board has been reconstituted. The board comprised directors — Dinesh Dalmia, Rajesh Gupta and S. G. Rajan, it said.

The company has also clarified that none of the directors had quit in a huff.

DSQ Software had on January 12 obtained members' approval for hiving off certain divisions, the company disclosed to the BSE.

According to sources, some of the directors had reportedly raised objections to some transactions by the company for which they were kept in dark during the board meeting.

Meanwhile, the DSQ Software share marginally declined by 25 paise to Rs. 28.10 on the BSE today.

— UNI

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