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June 12, 2001
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Money > Business Headlines > Report June 12, 2001 |
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Management panel member of CSE resignsKausik Datta & Aniek Paul In a body blow to the management of the Calcutta Stock Exchange, RN Roy, public representative on the CSE board and member of the management sub-committee, resigned on Monday. Roy, who is the country head of the consulting business of PricewaterhouseCoopers, put in his papers a couple of days before the CSE top brass is scheduled to depose before the Joint Parliamentary Committee. More resignations from the five-member sub-committee are expected. The management sub-committee has been monitoring the day-to-day operations of the bourse since the resignation of the broker-directors from the CSE board following the payments crisis in March. Thereafter, the Securities and Exchange Board of India asked five of the public representatives to manage CSE through the sub-committee. Apart from Roy, other members of management sub-committee are Dipankar Basu, Shyamal Sen, VN Reddy and executive director Tapas Datta. The members of the full board outside this group are Justice Prabir Majumdar (retd), Sebi representative Dharmistha Raval, BG Daga and SS Ahuja. In a letter written to the CSE executive director, Roy cited his inability to give enough time to the exchange, due to preoccupation. His resignation will be placed before the board at its next meeting. The date of the next meeting, however, has not yet been decided. However, informed sources said Roy was unhappy with the "casual" approach to bring the defaulting brokers to book and to fix responsibility for the payment crisis. Other members are also unhappy on the same grounds. Sebi's rejection of the CSE report on the payment crisis convinced this group that the bourse administration was taking a soft line on defaulters and recovery of outstanding payments. Roy is believed to have been weighing the option of distancing himself from the affairs of CSE for some time. He skipped the management sub-committee meeting last Friday and also did not attend the CSE board meeting on Saturday. It is learnt that no substitute of Roy will be appointed in the CSE management sub-committee as well as the board. Powered by YOU MAY ALSO WANT TO READ:
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