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Bourse seeks state help
Vikant Sahay
PATNA, January 30: The Magadh Stock Exchange has sought the help of the Bihar government in settling the dues of the exchange. The bourse, now under an administrator appointed by SEBI, has asked the government to include it in the Public Demand Recovery Act, which will help recover its dues."We are now waiting for the executive order of the Bihar government," said SS Dhanoa, the SEBI-appointed administrator, after the committee of management was superseded following complaints of irregularities. "I have come here to put everything in order. The turnover of this exchange is very low and it will take me at least three months to set everything right," Dhanoa said. The chief general manager of the exchange, A Sinha, said that around 6,000 cases had been filed against the exchange, of which one-third had been settled so far. "The total outstandings are Rs 4.5 crore but after the settlement of a few cases, outstandings are now at Rs 2.8 crore," Sinha said. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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