CSE board meeting on Nov 30 to fix AGM date

Kolkata, Nov 20: The board of directors of Calcutta Stock Exchange (CSE) will meet on November 30 to finalise the date for convening the Annual General Meeting for 2000-2001.

“In all probability, the AGM will be held in the last week of December 2001, but the final date will be decided at a meeting of the board of directors on November 30,” bourse secretary PK Ray said on Tuesday.

The AGM, which was to be held in September, was postponed by three months after getting approval from the department of company affairs.

It will be the first to be conducted by Securities and Exchange Board of India (Sebi) nominated directors and public representatives on the exchange’s board.

The postponement was necessitated by a delay in preparation of accounts for the last fiscal following a huge payment crisis in the last month of 2000-2001, which wiped out almost the entire reserve of CSE.

Following the crisis, all the elected directors, including president Kamal Parekh and vice-president KK Daga, resigned en masse. Since then, the affairs of the exchange were being run by the then executive director Tapas Datta and other directors left on the board.
However, following termination of services of Mr Datta in August, Mr N Dasgupta was appointed acting executive director. Meanwhile, a section of CSE brokers said a technical crisis is likely to emerge during the AGM as the existing bye-laws do not permit a non-broker to chair it.

The exchange secretary, however, said there was no such clause, and even if there was, a broker could be selected as chairman.

— PTI