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Lyons Range picks 12-member board

Calcutta, Dec. 24: The Calcutta Stock Exchange got its first board of directors following its demutualisation.

After the 84th annual general meeting of the bourse, the 12-member board met and elected Udayan Bose as chairman.

Market regulator Securities and Exchange Board of India (Sebi) had superseded the governing body of the bourse in December 2003 following a Rs 120-crore scam.

Sebi had also ordered demutualisation by August 2007 through the divestment of a 52 per cent stake to strategic investors who should be non-trading members.

The stake sale was completed in August this year.

In the same month, Sunil Mitra, power secretary of the Bengal government, took charge of the bourse from T.K. Das, who was appointed administrator by Sebi in December 2003.

Mitra has now been elected director representing CSE shareholders.

The CSE board will meet in the third week of January.

Other board members are Thomas Cook (India) chairman Udayan Bose, former governor of Nagaland and ex-director of Intelligence Bureau Shyamal Dutta and chairman-emeritus of Exide Industries Satya Brata Ganguly. They are in the board as public interest directors.

J.M. Choudhary, Ajit Khandelwal and Binay Kumar Agarwal will represent the share traders on the board.

Ravi Poddar, Sanjay Budhia, Rajnikant Patel and Dipankar Chatterjee will represent shareholders.

T.V. Rangaswamy, general manager of the Bombay Stock Exchange, which has picked up a 5 per cent stake in the CSE, will continue as the acting chief executive officer till the board appoints a new CEO.

At its next meeting, the board will take a decision on whether to continue with Rangaswamy as the CEO.

CSE members also approved today the annual accounts of the last five years of the stock exchange.

The accounts had not been passed since 2002-03 because the members opposed the administrator on several issues. These relate to the freezing of deposits for securities and capital requirement along with the settlement guarantee fund.

Differences existed on non-payment of interest, dividend, rights and bonus shares on those deposits.

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