To discuss the controversial deals, a 5-member team of the SCE led by president Vanechand Shah will meet the Forward Market Commission's Vijay K Aggarwal who has forced the exchange's closure since March 27. "The board members are coming for discussion on April 28" Aggarwal said. "We will take the decision on opening the exchange only after a discussion." The SCE board has already requested the FMC to cut all deals at Rs 2,674 per quintal, the highest quotes available on March 27. The lowest was said to be Rs 2,634 per quintal.

"Because of complexities, the board members do not seem to be too keen to reopen the exchange at this stage", said an a source. Majority of these sell deals, belonged to a section of bear traders. These were purchased by one Jitendra Keshavdas, who sold the entire deal under his name. Contrary to the300 tonnes per member permitted by the FMC, this deal was substantially higher and therefore, not acceptable to the board authorities. At Rs 2,754 per quintal (the price at which the deals were said to have been closed) the total value of the controversial deal works out to a massive Rs 17.38 crore, which belonged to just one broker. In order to safeguard interests of other members of the exchange, the board had cancelled all the deals done on that day. However, the board's decision was challenged by Jitendra Keshavdas in the Sangli lower court, following which the FMC had ordered closure of the exchange till the court heard, and probably gave its verdict on April 27.