Briefing the media on Monday in Chennai, Dalmia said henceforth, his role in the company would be only in the capacity of another director on the board. Also, the 10-member company board will soon flaunt new faces filling up the vacant seats, he said. Of the four seats that are presently vacant, three belong to the institutional investors CDC, IDBI and IFCI and one of Balasubramanian, who had recently quit the post. The seats of the institutions are being cleared following the repayment of their loans.

Though the recently struck Rs 1 crore private placement deal was ``an unconditional one with due respect'', DSQ has put forth a proposal to the new investors to nominate their own directors, Dalmia said. However, they have till date not responded, he added. Highlighting the financial status of the company, Dalmia said that the current loan exposure of the company is Rs 190 crore. With the funds collected from the private placement, the company has till date repaid about Rs 70 crore, he said. The remaining will be cleared in couple of weeks, he claimed.

With the induction of about nine new investors, Dalmia's holding in the company is now reduced to 22 per cent from the earlier 40 per cent. While the investors hold about 33 per cent stake in the company, the rest is held by the public. Among the new investors of the company are Credit Suisse First Boston and BankAmerica International Investment Corporation who have picked up 30 lakh shares and 20 lakh shares, respectively.

DSQ software has charted out an aggressive expansion plans both in terms of physical space and manpower. The company hopes to take up 60,000 sq ft of space and plans to recruit about 3000 people during the current fiscal. On his personal plans, Dalmia said he would now be focussing more on the operations of other group companies DSQ Biotech and their textile business.