For full copy of order against B.K.PAL, click here.

For full copy of order against DINESH DALMIA, click here.

For full copy of order against DSQ SOFTWARE LTD., click here.

For full copy of order against K.M.VENKATESHWARAN, click here.

For full copy of order against MOHAMMED GHULAM GHOUSE, click here.

For full copy of order against V.M.SUNDARAM, click here.

PRESS RELEASE - SEBI

September 10, 2004
PR No. 222/2004

Direction under Section 11 & 11 B of SEBI Act issued to DSQ Software Ltd., Dinesh Dalmia and other directors of the company in the matter of DSQ Software Ltd.

SEBI’s investigation in the matter of DSQ Software Ltd revealed that there were irregularities in the allotment of 1.70 crore shares of DSQ Software Ltd in the year 2000-01 and out of the said shares, introduction of 1.30 crore shares into the secondary market without listing. It was also found that the company and its Managing Director, Dinesh Dalmia had filed wrong information with the Stock Exchanges and SEBI.


In view of above, in the interest of investors and the securities market SEBI has issued the following directions vide two Orders dated September 9, 2004 to (1) DSQ Software Ltd., and Shri. Dinesh Dalmia. (2) Other directors of the company with immediate effect.

  1. Shri Dinesh Dalmia is prohibited from buying, selling or otherwise dealing in securities in any manner, directly or indirectly, for a period of ten years and is also prohibited from holding any office of responsibility in a company/entity or other institution associated with the securities market for a period of ten years.
     

  2. DSQ Software Limited is prohibited from accessing the securities market and buying, selling or otherwise dealing in securities in any manner, directly or indirectly in securities for a period of 10 years.
     

  3. Shri Dinesh Dalmia and DSQ Software Ltd shall deposit a sum of Rs.630 crores (being the value of 1.30 crore shares calculated by taking into account the average price of the scrip in the relevant settlement) within a period of 45 days in a separate escrow account to be maintained with a nationalised bank, till completion of investigation by various Police agencies including The Calcutta Police and Central Bureau of Investigation.
     

  4. Shri Dinesh Dalmia shall buy 1.30 crore shares of DSQ Software Ltd, circulated into the secondary market within a period of 45 days and retain the same in a separate demat account to be opened for the purpose, till permission for reduction in capital is obtained by the company from the competent authority.
     

  5. The amounts deposited in the escrow account and shares retained in the demat account shall not be withdrawn without prior permission in writing from SEBI.
     

  6. Mohammed Ghulam Ghouse, B.K. Pal, K.M. Venkateshwaran, and Brig.(Retd) V.M. Sundaram, Directors of DSQ Software, during the material period, are prohibited from buying, selling or dealing in securities, in any manner, directly or indirectly for a period of five years and also prohibited from holding any office of responsibility in a company/entity or other institution associated with the securities market for a period of five years.

  
Mumbai
  
September 10, 2004