Sunday, December 16, 2001, Chandigarh, India

 

L U D H I A N A   S T O R I E S

 

 

MC to undertake project for 4000 dwelling units in city
Our Correspondent

Ludhiana, December 15
At a Finance and Contracts Committee meeting of the Municipal Corporation held here yesterday an ambitious project for construction of 4000 dwelling units for economically weaker sections (EWS) and below poverty line (BPL) families under Dr Ambedkar Awaas Yojna (AAY), at an estimated cost of Rs 25 crore was approved. The scheme was first mentioned in the MC General House meeting here on November 22. Once completed the scheme would go a long way towards easing the acute housing problem in the mega city for weaker sections.

Giving details of the project, the MC Commissioner, Mr R.L. Kalsia, said that the project was sponsored by the Union Government. It was aimed at providing houses to homeless EWS and BPL families, living in urban slums. Under the scheme, each dwelling unit would be built in an area of 15 sq metre at a cost ranging between Rs 40,000 and Rs 45,000. Out of total 4,000 such houses, 10 per cent of the cost of project would be earmarked for upgradation of existing houses of eligible families.

The houses, constructed under the AAY, would be allotted either in the name of a female member of the family or jointly in the name of a couple. Further, 50 per cent of these houses would be reserved for the persons belonging to the Scheduled Castes and the Scheduled Tribes, followed by 30 per cent for the persons from the Backward Classes, 15 per cent for EWS families, 3 per cent for physically and mentally handicapped persons and 2 per cent for old pensioners.

According to Mr Kalsia, a 15-acre piece of land out of 105 acre MC land at Jamalpur, would be provided for the housing project and it was proposed to construct shops and booths in an area of one acre land in this area. The cost of land at the rate of Rs 25 lakh per acre, in addition to the expenditure incurred on construction of roads, parks, plantation and low cost sanitation, which amounted to Rs 24,000 per unit, would be borne by the beneficiaries. The needed funds for the housing project would come in the shape of Rs 20,000 per dwelling unit as subsidy from the Union Government and a similar amount as loan from Housing and Urban Development Corporation (HUDCO). The allottees would have to repay their share towards the cost of the house in easy installments, to be decided later.

While the families, headed by a female member, would get preference over others, the allotment of houses would be made on ‘first come first serve’ basis from among eligible families. It was proposed to identify some existing slum areas in the city for construction of houses or upgradation according to provisions of the scheme, added Mr Kalsia.

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Missing child was murdered: police
Tribune News Service

Ludhiana, December 15
An year-old disappearance case of a child, Mangat Ram, alias Mangi, has taken yet another curious turn with the city police claiming that they have arrested a man who allegedly kidnapped, sodomised and murdered the 9-year-old boy in November last year.

With this claim of the police, the hopes of the child’s parents and relatives of seeing him alive have dashed to the ground.

The victim’s family had been desperately running around to get any clue about their child. The case had hogged limelight for several months due to different twists it took. The aggrieved family members, along with concerned citizens and some political activists, had even taken to streets several times to protest against police inaction in the case.

According to a press release issued by the police here today, Sanjeev Kumar, a criminal facing trial in various cases of child kidnapping and sodomy, has confessed to the police that he had killed the child after sodomising him on November 30 last year, the day the child had gone missing. The accused said he had allured the child by buying him kites, then he took him to the abandoned old jail premises near the Civil Hospital. He strangulated the child there after sodomising him. He then packed the body in a sack and threw it in Budha Nullah near Issa Nagar, the police claimed.

The police said the accused Sanjeev Kumar was arrested on the charges of sodomising and murdering a number of children in April this year. He was accused of being the person behind the several incidents of child sodomy and murder in the city. The incidents had spread panic in the city as they took place one after the another. The incidents had stopped only after this man’s arrest. He was facing several trials, when the Division No 3 police interrogated him after taking production warrant from a district court.

With the latest confession, the accused is now facing additional charges under Sections 302, 377 and 201, IPC. Interestingly, it remained to be explained that why it took the police so long to get a confession from the accused who was already behind bars since mid-April this year. A police official reasoned that no one had questioned the man in this regard.

The case had appeared continually in the media because a number of dharnas were staged in the city against the alleged police inaction in the case. Angry residents had also blocked traffic a couple of times in the city.The dharnas were led by a number of political personalities, including Mr Tarsem Jodhan and Mr Bhim Sain, district president of the Samajwadi Party ( Mulayam), who is also an uncle of the child.

The case had also run in a controversy of sorts in December when the unidentified body of 14-year-old child was recovered from a vacant plot near the colony. The body was naked but clothes resembling those worn last by Mangi were lying near the body. The family members had initially identified it as their child but had later refused. They argued they were carried away by the school dress but the body was of a 14-year-old child whereas Mangi was only 9.

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Nephew’s bid to kidnap uncle
Our Correspondent

Ahmedgarh, December 15
An NRI nephew tried to kidnap his uncle and force him to sign a registered deed reportedly transferring his property worth Rs 50 lakh in his name. The victim was, however, got freed from the kidnapper’s clutches by two passers by at the local bus stop.

According to information available, Mr Gurdev Singh Dhillon, who has been living at Cran Brook, Canada, for the last 33 years, had come to visit his friends and relatives in India. On Thursday morning his nephew, Kuldeep Singh a resident of Vancouver, came to his parental house at Chhapar road and asked him to accompany Kuldeep. He was told that they had to go to Jandalu village to see a girl for Kuldeep’s son. Kuldeep Singh who was not even on speaking term with his uncle for the last 30 years, took him to local tehsil sub office and office of the Sub Registrar. While forcing him to keep sitting in the car, Kuldeep asked him to sign some stamp papers for the transfer deed.

When he refused to sign the papers, an unidentified person accompanying Kuldeep threatened to shoot him. The suspect had already brought a lambardar and another witness from the village as witnesses. A crowd gathered there and tried to save Mr Dhillon. Sensing danger, the kidnappers threw Mr Dhillon into the car and fled away. On the way they kept him threatening him to sign the documents.

While they were on their way to leave the town, a rickshaw came in front of the car and Mr Dhillon managed to get down. A scuffle followed. In the meantime, two scooterists helped Mr Dhillon and took him with them. They were followed by the assailants with gandasa but the two youths managed to save the victim. The police was informed.

An FIR is yet to be registered.

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Taxation bar body dissolved
Our Correspondent

Ludhiana, December 15
In a dramatic development, the District Taxation Bar Association (Direct Taxes) was dissolved in the wake of the general impression that the chartered accountant (CA) members of the executive committee were creating undesirable tension and hurdles in the way of the smooth working of the body.

In a general house meeting held at Aaykar Bhavan here under the presidentship of Mr Lalit Takyar, there were heated exchanges between several members on issues like use of the bar room as some of the CA members of the association and other practising income tax practitioners took divergent stands on various government policies. Some members opined that several controversial issues were never taken up by the association in right earnest due to varying interests.

As the discussion was on to arrive at a working understanding overuse of the bar room and other assets of the body, some of the CA members made certain remarks which sparked a spate of protests by many other members present in the meeting. Sensing that they were reduced to a minority, 33 members, mostly CAs, out of a total presence of 154, walked out of the meeting.

According to Mr Takyar, the house unanimously resolved that all assets, including the bar room, was a common property, to be used by each and every member of the profession and association of such members. Taking strong exception to a resolution earlier adopted by the executive committee, the same was overruled on the basis that it was motivated and against the interests of the members of the Taxation Bar.

The meeting further decided to dissolve the DTBA with immediate effect and resolved that the bar room and other assets of the association should be allowed to be used by all members of the profession.

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Hectic activity on for party tickets
Tribune News Service

Ludhiana, December 15
While the Election Commission of India is yet to issue notification for the elections to the Punjab assembly besides other three states, ticket aspirants of different parties, particularly the Congress and the ruling Akali-BJP alliance have already started their campaign. Political rallies are being organised daily by candidates here and in surrounding areas.

Among the front-runners include Mr Satpal Gosain of the BJP, Mr Nahar Singh Gill, Mr Darshan Dawer, Mr K.K. Bawa, Mr Pawan Dewan, Mr Ajit Singh Chawla of the Congress, Mr Sharantjit Singh Dhillon, Mr Jagdev Singh Tajpuri, Mr Avtar Singh Makkar and Mr Amarjit Singh Bhatia.

Mr Satpal Gosain launched his campaign from the Gurdwara Dukhniwaran. Mr Gosain, who is representing Ludhiana East for the second consecutive term, is most likely to be fielded again from here. He launched his campaign on bicycles today. Senior party leaders, including the district president, Mr Harbans Lal Sethi, also participated in the bicycle rally.

Mr Nahar Singh Gill, a strong claimant of the Congress from the Ludhiana Rural, has already organised several meetings in his support. Only yesterday, he hosted an Iftar party. There are considerable Muslim voters, most of them from Uttar Pradesh and Bihar, in his constituency. Besides, he has been planning a rally on December 29, which will be addressed by senior Congress leaders, including the Pradesh Congress Committee (PCC) president, Capt Amarinder Singh.

Mr Krishen Kumar Bawa, chairman of the Labour and Employment Cell of the PCC, organised a rally recently, which was attended by senior leaders, including Mr Harnam Singh Machhiwara and Dewan Jagdish Chander, besides others. Mr Bawa has applied for the party ticket from Ludhiana West. He has already constituted five-member committees at the booth level.

Mr Darrshan Dawer, District Congress Committee president of Ludhiana, who is claiming the Ludhiana East has already organised several rallies, not only in his constituency but in the entire district. He is organising a public rally on December 21, which will be addressed by senior Congress leader, N.D. Tiwari.

Mr Jagdev Singh Tajpuri, former minister and a claimant for the Shiromani Akali Dal-Badal candidate from Ludhiana rural, has also organised some rallies.

Not to be left behind, Mr Sharanjit Singh Dhillon has been organising party meeting in different parts of the constituency. In fact he has been on job for several months now, since he was designated in charge of the Ludhiana Rural by the party chief Parkash Singh Badal.

Mr Avtar Singh Makkar, district president of the SAD-B Ludhiana, has been claiming the Ludhiana West. He is facing a stiff resistance from the party vice-president, Mr Amarjit Singh Bhatia. Mr Makkar has organised a number of party meetings to support his candidature from this assembly segment.

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Call for drug-free elections in Punjab
Our Correspondent

Ludhiana, December 15
A delegation of Guru Gobind Singh Study Circle called on the Chief Election Commissioner (CEC), Mr J.M. Lyngdoh, at Circuit House here yesterday to impress upon the need for ‘drug -free elections’ in Punjab. The Chief Election Commissioner gave a patient hearing and appointed Ms Usha R. Sharma, Additional CEC, as compliance officer for ensuring that alcohol and other drugs were not used to influence the voters in the coming assembly elections in the state. He also issued instructions to Mr C.D. Cheema, State Election Commissioner, Punjab, to keep liaison with the Election Commission and take immediate action on the complaints received from the study circle.

The CEC asked the study circle to play such role during elections as was done by the students movement in Mizoram where politicians desisted from any malpractices during the elections. He asked the Guru Gobind Singh Study Circle to emulate the Mizo student’s movement, which had successfully mobilised a strong public opinion against drugs without any violence or pressure. He extended an invitation to the representatives of the NGO’s to visit Mizoram during the elections.

The CEC also emphasised to keep vigil on the sensitive constituencies in districts like Faridkot in Punjab. The Deputy Commissioner, Mr S.K. Sandhu, appreciated the role of study circle in generating strong public opinion against drugs.

Earlier, the study circle delegation led by Mr Jatinderpal Singh, deputy chief organiser, impressed upon Mr Lyngdoh to appoint NGOs as observers and watchdogs during the elections for reporting the use of alcohol and other drugs to influence the voters.

The delegation informed the CEC that not only alcohol but poppy husk and other narcotic drugs might also be used during the elections to lure the voters. The NGO’s planned to appoint a group of five upright and non-political observers in all the 117 constituencies of the state. The members also emphasised that only an independent authority like Election Commission was the only hope which could save democracy from destruction.

The delegation comprised Prof Sarbjeet Singh, Director, Social and Health Services, Mr Jaspal Singh, Mr Surjit Singh, Zonal Secretary, Dr Deepinder Singh and Mr Kamaljit Singh.

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Harassed woman seeks justice
Tribune News Service

Ludhiana, December 15
Geeta Rani may not be married for more than two years but her ordeal has already started. Her in-laws and husband have allegedly turned her out of their house. They have also allegedly taken away her five-month-old daughter. Geeta Rani and her parents have been alleging that her husband Yogesh Mohdiratta wants to divorce her as she could not bring sufficient dowry.

Presenting her case before the Deputy Commissioner, Mr S. K. Sandhu, at the weekly sangat darshan, Geeta Rani stated that she was married to Yogesh on February 21, 2000. She alleged that within two months of her marriage her in-laws and husband started demanding more dowry, although her parents had provided her with sufficient dowry at the time of her marriage. This was despite the fact that her in-laws had a prosperous business as they owned a cycle parts manufacturing unit.

Geeta Rani and her mother broke down while narrating their tale before the reporters. Geeta Rani alleged that her husband and mother-in-law had also tried to burn her to death.

She claimed that they sprinkled kerosene on her. However, she managed to ring up her parents and her brother and mother rushed to her rescue. “Despite that I was prepared to stay with my husband, but he wants to get rid of me”, she said.

Geeta Rani gave birth to a baby girl on June 22, 2001. Even that did not prompt her husband to accept her as his wife. After the delivery she was taken to her parents home at Bhai Randhir Singh Nagar. However, on August 15, her husband and father-in-law visited her. She thought that they had come to see her and her daughter. “But when I went inside the kitchen to prepare soft drinks for them, they locked me inside and ran away with my daughter who was less than two months old”, she revealed, while trying to prevent tears from rolling down her eyes.

Geeta Rani is a graduate and was doing a private job before her marriage. But after her marriage her husband and in-laws wanted her to give up the job, which she did. She is currently staying with her parents. They want that Rani be accepted by Yogesh and his family.

Fifty complaints came up for hearing at today’s sangat darshan programme, of which 28 were disposed of on the spot.

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City decks up for Christmas
Shivani Bhakoo

Ludhiana, December 15
The city residents, specially the Christian community, are in a mood to have a swinging time on Christmas eve. It’s busy time for shopkeepers as children have already started purchasing various items like gift packs, bells, cards, posters, Christmas trees and Santa Claus, and shops are well stocked with requisite decorations.

Mr Madur Sood, a shopkeeper at Ghumar Mandi, said that there was great demand for Christmas items. He said that trees were in great demand by children. The beautiful multicoloured bells are available from Rs 2 to Rs 20 depending on the size and quality of bells. There are silver and golden stars available from Rs 2 to Rs 100. Tastefully decorated small gift boxes are the centre of attraction for kids. These range between Rs 5 and Rs 10. There is a wide range of wardrobe for Santa Claus this time. The shops are flooded with stuffed soft toys of Santa Claus which ranges between Rs 20 to Rs 350.

Mr C.K. John, a businessman who has been residing in the city for over last 30 year, said that it is time to celebrate, to care for each other and to have concern with each other. A prayer service is held and mass is conducted on the night of Christmas. He said: “The message of Christ is to love each and everyone.”

Ms Thankamma John, warden of the girls hostel of Christian Medical College and Hospital, said that Christmas was the time to bake plum cakes, hang mistle-toes on doors, put colourful streamers and place nicely-wrapped gifts at the base of Christmas trees. “It is time to offer prayers and enjoy. It is the time for compassion for your fellowbeings. Jesus Christ had sacrificed his life for humanity”, said Ms John.

One of the sisters at Sacred Heart Senior Secondary School, Sarabha Nagar, said that the students would celebrate Christmas at the school on December 21. A Christmas play will be held on this day. “On the eve of Christmas, we offer prayers at midnight, sing carols and spread the message of Jesus of love, peace and joy”, said the sister.

The hotels are also organising various programmes. Mr Nipun Vig of Park Plaza said that a huge X’Mas tree will be decorated in the hotel lobby on December 21. The sale of plum cakes also zooms up this time, added Mr Vig.

Mr Benny, a student, said that it is time to celebrate, the end of the year and start of a new beginning, to greet the light of the new century and wish everyone a merry X’mas.

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Guru Granth Sahib in Devnagri script
Vimal Sumbly
Tribune News Service

Ludhiana, December 15
Chand Rani may possess millions of rupees and other assets, besides well-placed children, most of them doctors with lucrative business, yet she does not attach much significance to these. Her only prized possession remains her Holy Guru Granth Sahib, written in Devnagri script.

Devnagri script Guru Granth Sahib is rarely found these days. Although Punjabi University, Patiala, has decided to bring in a translated edition in Hindi, there are not many copies available now in this script. The Granth is with her for the last 65 years as it was the first gift of her husband, Dr Pran Nath Bawa, to her in the first year of her marriage.

Although age has caught up with her, still she maintains a regular study of Guru Granth Sahib in the morning hours. She has studied it several times. But now she only reads the path of Sukhmani Sahib and Japji Sahib, that take her about one-and-a-half-hour.

Chand Rani said she was married to a devout religious family. However, she did not know Gurmukhi. So it was not possible for her to read Guru Granth Sahib. Her husband, Dr Bawa, came out with a solution and got her Devnagri script Guru Granth Sahib. Chand Rani claims with confidence that not a day has passed in her life during the last 65 years when she has not recited the path of Guru Granth Sahib.

She maintains her prized possession literally with religious zeal. She does not even allow her children, whose religious devotion is no less, to touch it. “She is too possessive about the Holy Granth to allow anybody to touch it”, reveals her son, Dr Arvind Bawa. He disclosed that once some Sikhs came from Patna to get the photostat of the Holy Granth. She declined it to hand over to them, lest they may not maintain it with the desired purity.

Dr Arvind Bawa himself carries a handwritten autograph of Guru Gobind Singh, which he always keeps in his wallet. He said he had got the autograph from an archives centre in Pakistan. The Devnagri script Guru Granth Sahib was published by the Sarb Hind Sikh Mission, Amritsar, and printed at Amrit Publishers, Amritsar, in 1935. 

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LMA to hold workshop on management development
Our Correspondent

Ludhiana, December 15
The Ludhiana Management Association (LMA), an affiliate of the All-India Management Association (AIMA), is organising a one-day management development program on ‘Performance management and management of change’ on December 16, 2001 here.

Reflecting upon performance management, Mr V.K. Goyal, general secretary, LMA, said that of late an urgent need was being felt in the organisations to move from performance measurement to performance management in order to make effective use of the results of performance assessment. “It is simply because measurement is not an end in itself, but a mere tool for more effective management. On the other hand performance management is a systematic and data-oriented approach to effectively manage people at work. It basically relies on positive reinforcement to maximise performance of people.”

Commenting upon the change, he observed that it was no longer an option. In fact, the pace of change in today’s world was faster than ever before. In the face of forces of increased global competition, deregulation, technological developments, financial constraints, expanding and stringent markets, more mature, aware, knowledgeable, and demanding customers, shorter product lifecycles, shrinking profit margins, improved communications, coupled with restructuring, acquisition and mergers, the managers had to withstand extreme pressure on organisations to stay dynamic and to change radically or face extinction.

Mr Goyal further said that the LMA was continuously taking initiatives to develop managerial and executive talent in the industrial hub of Punjab. It was keeping this in view that the management cadres would have an opportunity to interact with Dr C.P. Shrimali, Professor and Chairperson of Human Resources Management at Management Development Institute (MDI), Gurgaon, during the workshop. A visiting faculty member of the Kellogg Institute of Management, USA, Dr Shrimali, was not only in direct contact with the industry doyens but also led the brightest upcoming management talent at the MDI.

The LMA, since its inception, had worked towards professionalisation of management. It was yet another initiative in this direction and would help the participants in not only maximising the usage of performance potential of their teams but also in gaining clear insights and useful perspectives on managerial problems and practical ways to address them while handling change, Mr Goyal added.

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PPCC blames PM for security failure
Our Correspondent

Ludhiana, December 15
The Punjab Pradesh Congress Committee (PPCC) has flayed the NDA government, headed by Mr Atal Behari Vajpayee at the Centre for its failure to provide internal and external security and resultant fears of disintegration of the country. Mr Vajpayee should quit office, accepting moral responsibility for the failure of his government, it said.

In a joint statement, Mr Krishan Kumar Bawa, chairman, Labour and Employment Cell of the PPCC, Mr Manjit Singh Malerkotla, office secretary and Mr Gurbhej Singh Chhabra, member, PPCC, observed that coalition government of 27 parties had posed a serious threat to the security of the nation and these power hungry political factions might force a war on the country in a bid to delay the coming Assembly elections in many states.

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Rain brings cheer
Our Correspondent

Ludhiana, December 15
Early morning showers here today ended the dry spell, bringing cheers among local residents.

As a result of the intermittent drizzle that continued till afternoon in several parts of the town and surrounding areas, temperature came down by a couple of degrees. Plenty of slush was visible on city roads, particularly in the busy shopping areas within the old city such as Chaura Bazar, Meena Bazar, Saban Bazar etc.

Apart from the general public , the rain was also cheered by hosiery traders as the fall in temperature is expected to give a boost to the sale of woollen garments. The rain also warmed the hearts of the farming community as it will be beneficial to the wheat crop.

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PNB cuts interest rate on loans
Tribune News Service

Ludhiana, December 15
Punjab National Bank, which is celebrating a festival season bonanza up to December 31, has announced a rebate of 0.5 per cent on the interest rate on all the housing, consumer and personal loans. The bank would not charge any processing fee and any extra charges on these loans sanctioned during that period.

This was disclosed by Mr K.I. Singh, Assistant General Manager, while presiding over a retail lending function held at Sarabha Nagar. 

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IDA to bring out directory
Tribune News Service

Ludhiana, December 15
The Punjab chapter of the Indian Dental Association (IDA) bringing out a directory of its members in the state. According to Dr Puneet Girdhar, state secretary of the IDA, the directory will be released at the state dental conference being held at Jalandhar on December 23.

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Proclaimed offender nabbed
Our Correspondent

Doraha, December 15
The Doraha police has arrested a proclaimed offender. He has been identified as Charanjit Singh alias Channi of Navi Aabadi, Sirhind. A case had been registered against him at the Payal police station on Monday-last when he injured two migrant labourers at the First-aid Chowk of Doraha while absconding in a Maruti car (CH01-V-6943) without making payment at a petrol pump in Sahnewal.

He has admitted his crime and other crimes too, the police sources said. He said that he stole the Maruti car from Chandigarh and took it to Delhi for sale. When he was not successful in selling it, he tried to get a duplicate R.C from Amritsar. He was going back to Delhi when he got the petrol filled from a petrol pump at Sahnewal and fled, injuring two migrant labourers.

Already a case had been registered against him in 1981 under Section 460 of the IPC when he had killed a man while robbing a place. He was awarded 20 years of rigorous imprisonment in 1983 but he jumped his bail.

SAHNEWAL
EVE-TEASER BOOKED: A case under Sections 354, 341, 323, 706 of the IPC has been registered against Raju Tanji of Raiana village by the Sahnewal police.

It has been alleged by Ms Charanjit Kaur of Heeran village that her daughter Gurpreet Kaur (17) who was standing at a village shop was abused by the alleged accused. “Raju caught the hand of her daughter and also misbehaved with her. He ran when the girl resisted and shouted for help,” Ms Charanjit Kaur added.

CYCLIST DEAD: An unidentified cyclist was crushed by an unidentified speedy vehicle at Sahnewal Chowk. A case has been registered at the Sahnewal police station under Section 304A and 427 of the IPC.

Hans Raj of Bilga village who works as a chowkidar at a factory at Jugiana village was behind the deceased and on his complaint the case was registered.

TWO INJURED: Navtej Singh and his nephew Inderjit Singh were injured at the main chowk of Sahnewal while they were walking their way and a speedy Tata -407 (PB10B-6021) came upon them. Both were taken to Oswal Hospital. A case has been registered against the driver of the vehicle while he is reported to have absconded from the spot.

TWO BOOKED: The Sahnewal police has registered a case under Sections 408 and 34 of the IPC against Bacha Ram and Ramdev of Sarabasti in Uttar Pradesh. The complainant, Mr Prem Chand, alleged that they have fled away with a cash worth Rs 66,374. He is a karyana merchant and has employed the two as servants some 4-5 years back. They used to take the material from the place and supply it elsewhere and bring back the payment. When they did not return in the evening, Mr Prem Chand reported to the police. However, no arrests have been made so far.

JAGRAON
BOOKED FOR FRAUD: Darbara Singh Maghar Singh and Balwant Singh Lambardar, all of Hathur village who lured Gurmel Singh (70) of Burj Kalar for sanction of loan for the construction of house on easy instalments and got the power of attorney from Darbara Singh. Later they sold his land to Amarjit Singh of Hathur but did not pay any penny to the owner.

They have seen booked by the Jagraon police under Sections 420 and 406 IPC of the complaint of Gurmel Singh.

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LSE board decides to partially refund members’ security
Manoj Kumar
Tribune News Service

Ludhiana, December 15
The Board of Directors of the Ludhiana Stock Exchange( LSE), at its meeting held here last night, accepted the demand of members, with certain modifications, to return their security amount deposited with the exchange. The board has also received the sanction of the NSE to start the derivatives trading.

Srces said that the board decided to offer an option to the members either to get back Rs 2.75 lakh or to transfer that amount with the LSE Securities Limited, out of Rs 4 lakh base minimum capital ( BMC), that had been deposited by them as security with the exchange. They had deposited that security in the form of Rs 2.75 lakh as bank guarantee, fixed deposits or shares and Rs 1.75 lakh as cash. Mr Salil Gupta, SEBI nominee on the LSE board, has been asked to convince the SEBI to accept the proposal so that the liquidity of the members could increase manifold.

The brokers said that since out of about 300 members, about 100 were not doing any trading at the exchange, so the acceptance of the offer would provide them with an exit route. Further the trading at the LSE had reduced to just a few lakh rupees daily during the past few years from Rs 40-45 crore per day earlier. So the members would be able to utilise the amount at the LSE Securities Limited as it would increase their exposure by more than 10 times, resulting in more business for the exchange.

The insiders said that the board had strategically tried to kill two birds with one stone. It had not recommended the closure of the exchange to return the total security amount of members. One of the board members said,‘‘ If the SEBI accepts our proposal than the members would also get back two third of their security amount, and we would continue to get the listing fee from the listed companies, amounting to about Rs 1 crore annually, though there is no trading.’’ However, it might be mentioned here that the SEBI had asked the regional stock exchange either to fully close down or continue the status quo position.

The board had also decided to offer the registration of rooms to the members with some modifications. However, the members would be allowed only trading business here. The board also decided to settle cases of some members regarding the registration with the NSE and BSE. Since the LSE had constructed the building by taking adequate amount from members, but it had to increase their exposure at the NSE deposited in the form of security with the exchange, decided to offer all members an optional so announced the approval of the NSE to start derivatives trading through the LSE’s subsidiary LSE Securities Limited.

The case of Mr Ashok Makkar, who has been charged with cheating in shares by some investors, had been again sent to the Investors Grievances Committee ( IGC), and he would remain suspended from trading till the case was decided.

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