CHENNAI, November 4: Five long years after the massive securities scam broke out in the open, the first concrete step to recover dues from those notified in the scam cases appears to have been made.

The custodian in the scam cases has placed before the Supreme Court a detailed scheme for sale of shares attached from the notified persons. The custodian drew up the scheme in consultation with the Union Finance Ministry.The sale of these shares is a formidable task keeping in view that the last estimates had put the total holding of confiscated shares at Rs 1,000 crore. There are also a number of complications associated with the sale of these shares like technical disabilities. Also, the custodian will have to physically get hold of shares worth Rs 600 crore which are being held in "benami" and are lying with respective companies.

The custodian had proposed to set up a disposal committee which will in effect handle the actual sales. The committee, headed by the custodian, will have eminent experts on the capital market to supervise the sale process.To begin with, the custodian has in his possession shares worth some Rs.480 crore which will be sold in phases so as not to upset the market and depress the realisation. The custodian has suggested appointment of UTI securities and ICICI Securities to act as brokers for the sale of the attached shares.

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