CSE to seek shareholders nod to sell land to raise cash

The Calcutta Stock Exchange (CSE) will seek shareholders' approval on June 20 to sell land at EM Bypass to raise resources to meet the regulators norms and avoid de-recognition.

"We have decided to convene an extra-ordinary meeting for shareholders on June 20 to get their nod in going ahead with hiving out our three acres land parcel on EM Bypass to use for business purpose," CSE Managing Director & CEO B Madhav Reddy told PTI.

"We are not planning to hive off the land at Rajarhat," he said.

CSE has received SEBI approval to sell land to raise cash that will be utilised to buy stake in a clearing corporation, increase its net worth and fund acquisition of other stock exchanges business.

The CSE board, meanwhile, had sought extension of deadline of May 30 from SEBI to qualify to stay as an active exchange.

SEBI had informed the exchange that the regulator might initiate de-recognition after May 30, if the criteria was not met.

EDITORIAL OF THE DAY

  • Public musn’t pay for domestic servants for our diplomats

    Nothing seems to have changed in the year and half since the fur that flew thick and fast over the case of diplomat Debjani Khobragade and her maid Sa

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Urs Schoettli

Economic integration in east Asia

As trade agreements within a global framework have become increasingly ...

Rajgopal Nidamboor

Up the ante of your conscious existence

It sounds cryptic, but is not as complex as it ...

Gautam Gupta

The ‘fake’ issue needs to be taken seriously

E-commerce players are witnessing unbelievable growth globally. Competition is increasing ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture