The Telegraph
Since 1st March, 1999
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MD of Srei Securities steps down

Calcutta, Nov. 8: Managing director of Srei Securities Dinesh Jain has resigned. Jain, who is in judicial custody now, was arrested by the police about a month ago for allegedly helping stockbrokers remit funds through hawala channels.

Srei Securities is a dealer in government securities. It is a subsidiary of Srei International Finance Ltd promoted by the Kanorias. Though Jain is still in detention, Calcutta Police have given Srei Securities a clean chit.

DC (DD-I) Soumen Mitra had earlier clarified that the police were investigating Jain’s personal contacts with stockbrokers involved in the Rs 120-crore payment crisis at the Calcutta Stock Exchange in March last year.

Confirming the news, Sunil Kanoria, a promoter-director of Srei, said: “Jain communicated his decision to step down yesterday. Kamal Rampuria, executive director of Srei Securities, will be looking after the day-to-day operations of the company for the time being. Rampuria was appointed as the ED recently.”

He explained the decision to resign was taken by Jain himself, and not under pressure from the management of the company, which issued advertisements in newspapers recently, claiming that it was in no way connected with the stock market scam of 2001.

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