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CSE to use all legal means to recover money

Armed with orders from the Calcutta high court for attachment of personal properties of leading defaulter brokers for recovering over Rs 900 million, the Calcutta Stock Exchange has approached private detectives for preparing a list of properties of erring members.

Though the CSE's solicitors have already prepared a list of properties and bank accounts of defaulter members for submission before the court, the services of private detectives has been sought to go into details of properties held, sources at the exchange said.

When approached, the CSE executive director, Tapas Dutta, neither denied nor confirmed the development, but said, "Legal matters are being handled by our solicitors. We have to adopt whatever means we can to recover the amount and the process is already on."

The CSE on May 22 had received a major boost in its effort to recover its dues from defaulting brokers when the HC sanctioned the attachment of properties of four leading brokers - Dinesh Kumar Singhania, Harish Chandra Biyani, Ashoke Kumar Poddar and Ratan Lal Poddar.

The High Court in its order on CSE's money suit against the brokers admitted the CSE prayer restraining the brokers from dealing with or disposing of any of their assets or properties, Datta said.

The payment crisis, which struck the CSE in March, had virtually wiped out the Settlement Guarantee Fund of the CSE.

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