At present, the exchange is functioning without a board as members are waiting for the court to reopen on October 31 and issue a final clarification. The exchange members voted on September 21 to choose 17 board members, and the results were announced on that day itself.

Around 60 of the 520 members were not allowed to vote as they had not paid their annual membership fees for 1998-99 by April 1 and even the extended date of September 14. Six members paid their fees on September 16 and wanted to vote, but were not allowed to do so by the election committee. One of them, Sumer Mall Nahata, challenged the elections in court.

On September 22, the exchange held its annual general meeting, after the new board met to choose a president and vice-president. Bhag ChandJain of Kakinada jute mill was elected as the president defeating the outgoing president Arun Kumar Seth, who had held the post for the past three years.

Pradeep Seth was elected the vice-president. However, the next day, a court order issued by high court justice Pinaki Ghosh reached Arun Seth, who was addressed as the president. The order, dated September 23, asked the members of the exchange not to give effect to the election results till October 31. The notice was also addressed to JP Sil, the secretary.

Exchange members were perplexed with this order as Seth was no longer the president of the exchange. A member asked: "Arun Seth lost the elections the day before. So how can he be made a party and addressed as the president of the exchange?"

Jain, the newly elected president, who is yet to take charge, went to court and justice Ghosh gave a fresh order ruling that if the board is in charge of the exchange then it should continue.

A member said: "This order has worsened the situation because theearlier order already stayed the election of the board and they could not take charge of the exchange."

However, another section of the members differed saying that the newly elected board members took charge of the organisation at its first meeting after the AGM, though it did not discuss on the functioning of the exchange. Without a board the exchange can continue to function only till the last week of November, just by following the bye-laws, members said.