Originally from calcutta, dalmia had a big establishment in chennai. The supreme court yesterday made it clear that investigation into the alleged involvement of the dsq group chief dinesh dalmia could be carried on. Dsq software stock discussion forum online india, can i. Dsq software scam in the year 2000 and 2001, the managing director of dsq software, mr. Dsq director dinesh dalmia produced before court oneindia news. This letter is also been cced to sebi,rbi,bse,nse,new york stock exchange,roc,hyderabad and the central board of.
Software people vent hard feelings on budget hindu. Ramani, chairman and managing director, future software ltd. Interestingly, dalmias tricks at dsq software as well as dsq biotech were discovered by chance. Dinesh dalmia was involved of criminal breach of trust, cheating, and fraud is claimed to have induced national securities depository limited nsdl to dematerialise and credit lakh equity shares of the software company as fully paid shares. Read more about sebi bars dsq software, dalmia from capital mkt for 7 yrs on business standard. This corporate entity was filed approximately twentythree years ago on thursday, december 11, 1997 as recorded in documents filed with florida department of state. This is not a visionary budget, and it is very disappointing, said mr. Until 2000, dinesh dalmia s dsq software was just another company whose management cooked its books, hid audit trails through frenetic name changes and exploited every bullrun to make a killing for the promoter group. Jan 18, 2019 markets regulator sebi friday slapped a fine of rs 1 crore on a former promoter of dsq software for failing to comply with its directions passed more than 14 years ago. It is important to note that this is a foreign filing. Dsq was in the league of it companies established and operating from india during the techboom of 1990s. Dinesh dalmia was a promoter and managing director of dsq software limited. In a breakthrough in the probe into the rs 595crore rs 5.
Sebi slaps rs 1 cr fine on individual in dsq software case. Deatiled report during the period of 2003 dinesh dalmia was one of the most wanted financier both by the us and the indian government for he cheated nearly twenty five banks in america and other financial companies. Formerly it was known as square d software limited. Mar 28, 2003 dinesh dalmia, promoter of dsq software limited in writ petition no. Cse lodged a fir against dalmiya for alleged siphoning of funds through issue of fake shares between march and april 2001. Securities and exchange board of india hereinafter referred to as sebi conducted an investigation into the dealings in the shares of ms dsq software limited hereinafter referred to as dsq for the period of january 1998 to december 1998. Dinesh dalmia is the managing director towards their liabilities with the exchange. Sebi bars dsq software, dalmia from capital market for 7 years. In the name of three entities namely new vision investment ltd. Read more about sc clears dinesh dalmia investigation on business standard. We now learn that in the course of investigating dalmias forex violations in dsq software, the ed has stumbled on similar dealings and worse in dsq biotech. Suryanil ghosh, trustee softec corporation and thereafter these shares were sold in the market and the proceeds of sale of said shares.
Last week, the securities appellate tribunal sat ordered dinesh dalmia, the incorrigible chief of dsq software, to buy back unlisted shares. Dinesh dalmia latest breaking news, pictures, videos, and special reports from the economic times. It is classified as nongovt company and is registered at registrar of companies, chennai. Dinesh dalmia d2 square d dsq new york post has more on the same. Dinesh dalmia was the managing director of dsq software limited when the central bureau of investigation arrested him for his involvement in a stocks scam of rs 595 crore rs 5. Dsq software ltd, established in 1992 and headquartered in chennai formerly madras, india was a publicly listed it and software services consulting company mainly operated overseas using its base in india. Engaged in software exports, the company has broadly divided its operations into three. Harish chandra biyani, a registered broker of calcutta stock exchange and two directors of biyanis securities private limited, namely, aloke biyani and ravindra biyani deposited 10 lakh shares of dsq software limited, wherein mr. Last week, the securities appellate tribunal sat ordered dinesh dalmia, the incorrigible chief of dsq software, to buy back unlisted shares introduced by him in the open market at rates. Sep 20, 2005 if the interpol has its way, the man who was behind dsq software and dsq biotech will be behind bars. In dsq software, it was an illjudged admission by dalmia to this writer that he had taken over a company called fortuna technologies in san jose, that led to the unravelling of his fake capital. Dinesh dalmia, promoter of dsq software limited in writ petition no.
Dsq software limited is a public incorporated on 16 august 1994. Dsq software ltd company profile and news bloomberg markets. As a result of this dsq disintegrated in the year 2003 with just enough business activities happening because of dinesh dalmia, the promoter of the company who was absconding just not to face any enforcement of law on him by the power of tribunal. Sc issues warrant against dinesh dalmia of dsq software. The seeming ease with which dalmia has managed to slide into the role of an outsourcing kingpin, behind corporate shells and front men in the u. Severe action finally in the dsq software fiasco sucheta dalal. Sc clears dinesh dalmia investigation business standard news. Sebi bars dsq software, dalmia from capital markets for 7 yrs.
Dalmias journey to this world of masked identities and numbered accounts began in the teeming streets of calcutta at the start of the 1990s, where he set up an outsourcing body shop they called square d software ltd. This letter is also been cced to sebi,rbi,bse,nse,new york stock exchange,roc,hyderabad and the central board of direct taxes. Dinesh dalmia vs the commissioner of police on 28 march, 2003. Dalmia resorted to illegal ways to make money through the partly. Those who witnessed the software boom in the mid 90s and the stock market boom in the late 90s would definitely remember dinesh dalmia. The supreme court has rejected the bail plea of dinesh dalmia of dsq software ltd who is charged by cbi of duping investors and shareholders of a. Dear seeker, about 20 years back, we were in a cusp of a tectonic technology shift. Dinesh dalmia, managing director of dsq software, was held resposible in the calcutta stock exchange cse share scam. The dinesh dalmia trail gets hotter the financial express.
Most of these investigations are in connection with dsq software, his flagship company. On october 20, sebi the governing body of all security instruments obstructed dinesh dalmia and dsq software for a period of 7 years. Dsq software limited was set up in the year 1992 in chennai by dinesh dalmia. Director of dsq software ltd dinesh dalmia, an accused in cases relating to the stock market scam, was produced before a city court on monday and put on transit remand for production. In one of its harshest orders yet, the securities and exchange board of india sebi has appropriately barred dinesh dalmia and dsq software. The supreme court has rejected the bail plea of dinesh dalmia of dsq software ltd who is charged by cbi of duping investors and.
Chennai, oct 9 uni dsq software director dinesh dalmia, who was arrested by the cbi in connection with two cases, was today produced before the economic offences wing eow courti and ii. Investigation has revealed that shri dinesh dalmia, the then managing director and custodian of properties, including shares, of ms dsq software ltd. In its order dated october 3, sebi said it restrained dsq software ltd and dinesh dalmia from accessing the securities market and also prohibit them from. Not available in the matter of dsq software limited background 1. Dec 19, 2005 last week, the securities appellate tribunal sat ordered dinesh dalmia, the incorrigible chief of dsq software, to buy back unlisted shares introduced by him in the open market at rates. Dsq software limited company, directors and contact. Suryanil ghosh, trustee, softec corporation and thereafter these shares were sold in the market and the proceeds of sale of said shares were credited.
As per bse data, the public holding in dsq software is over 70% and equity capital of over rupees 300 million. The battered auditors of satyam,price waterhouse,have just issued a letter dated january,2009 addressed to their client,satyam computer services ltd and marked for the attention of the three new directors in the new board and the company secretary. Market watchdog sebi has barred dsq software and its promoter dinesh dalmia from capital markets for seven years on charges of fraudulent trading in 1998 that had led to a sharp rise the companys. More waves in the dinesh dalmia story the financial express. Sebi slaps rs 1 cr fine on individual in dsq software case times. Browse dsq software stock discussion, ideas, questions and answers online at. Dinesh dalmia, chairman and managing director, dsq software ltd. Sebi bars dsq software, dalmia from capital markets for 7. Software people vent hard feelings on budget it is a stock market budget, said mr. Oct 09, 2006 chennai, oct 9 uni dsq software director dinesh dalmia, who was arrested by the cbi in connection with two cases, was today produced before the economic offences wing eow courti and ii. Company history dsq software 1992 the company was incorporated on 6th march. What distinguished mr dalmia was his brazen confidence in his ability to fool most people most of the time. The company was promoted by dinesh dalmia and his group companies viz. Sebi bars dsq software, dinesh dalmia from capital market.
Dsq software ltd company profile and news bloomberg. Sebi has barred dsq software and its promoter dinesh dalmia from capital markets for seven years on charges of fraudulent trading. During oct 20, sebi barred dinesh dalmia and dsq software for a period of 7 years. Dinesh dalmia vs the commissioner of police and ors. Market watchdog sebi has barred dsq software and its promoter dinesh dalmia from capital markets for seven years on charges of fraudulent trading in 1998 that had led to a sharp rise the company. Sbi md dinesh khara slowdown in the indian economy has bottomed out and measures taken by the government in the recent budget to improve capacity to spend in rural sector, infrastructure creation and inviting foreign investments will boost growth, state bank of india. Until 2000, dinesh dalmias dsq software was just another company whose management cooked its books, hid audit trails through frenetic name changes and exploited every bullrun to make a killing for the promoter group. Dinesh dalmia is the authorized signatory to these trusts and other trustees are 1. Market watchdog securities and exchange board of india sebi has barred dsq software and its promoter dinesh dalmia from capital markets for seven years on charges of fraudulent trading in 1998. Market watchdog sebi has barred dsq software and its promoter dinesh dalmia from the capital markets for seven years on charges of.
It is the only indian firm royal shell has engaged as tier1 solution provider for an array of hitech distribution services. Dec 09, 2002 interestingly, dalmias tricks at dsq software as well as dsq biotech were discovered by chance. Markets regulator sebi friday slapped a fine of rs 1 crore on a former promoter of dsq software for failing to comply with its directions passed more than 14 years ago. Calcutta high court rejects dinesh dalmias bail plea.
Dsq software is operationally dormant as per the trading information submitted for the year 2005. Dalmias group included dsq holdings ltd, hulda properties and trades ltd, and powerflow holding and trading pvt ltd. Jul 29, 2011 sebi bars dsq, dinesh dalmia from capital market. The company earlier known as square d software ltd when it was incepted in 1992 and later on changed its name to dsq software in. The apex court has also asked dalmia, the md of dsq software to appear before it on 25th august. Mahima arora lima gupta introduction establishment of dsq software ltd. Dsq software was established in 1992, it is headquarted in chennai. Sebi bars dsq software, dinesh dalmia from capital market for. Market watchdog sebi has barred dsq software and its promoter dinesh dalmia from capital markets for seven years on charges of fraudulent trading in 1998 that had led to a sharp rise the companys stock price.