Members of Jaipur bourse call for EGM
MP Jain
JAIPUR, January 13: Over 180 members brokers of the Jaipur Stock Exchange Limited (JSE) have requisitioned an extra-ordinary general meeting (EGM) to seek, among other things, the ouster of the bourse's president, RC Goenka and vice-president, Sunil Dutt Goyal.Confirming the receipt of the notice, sources in JSE told The Financial Express on Tuesday that the validity of the notice would be examined by considering all legal aspects. Once the notice is found to be in conformity with the articles of association of the bourse the EGM would be summoned within 45 days. Under the existing rules of the Jaipur Stock Exchange Limited, at least 10 per cent of the total membership is required to summon a EGM. And seen in this context, the EGM looks imminent as the total strength of the bourse is put at 592. Ouster of the president apart, the meeting would also discuss the question of giving voting rights to the suspended member brokers and the contentious issue of the sale of the new building of the local
bourse, which is nearing completion. Some members of the Jaipur Stock Exchange Limited are of the view that the entire building complex should be sold off. Around 130 members of JSE have been suspended by the management council following their failure to meet the capital adequacy norms. Also the council has suspended around 15 members after they defaulted in making the payments. When asked for his reactions to the members seeking a EGM, Goenka said that for carrying out a resolution it has to have the support of two-thirds of the members present. Further, the memberships should be the valid ones, enjoying voting rights. Goenka expressed surprise with the fact that some members wanted to dispose off the building at this stage when the management council had taken all possible steps to start the bourse's online operations from there. As per the Securities and Exchange Board of India (SEBI) directives JSE has to start scrip-less trading by April 30 next. Towards the same, over 60 members have already paidfor the rooms and more are expected to follow. Goenka said that he was confident of starting the on-line trading by the stipulated date. He, however, informed that part of the building complex could be sold as the entire space was not required for use JSE. About his removal from the office of the president Goenka said that it was for the members to decide and he had nothing to say in the matter. Only four months ago Goenka was elected as the president replacing KL Jain.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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