DSQ Software MD's bail plea dismissed

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Chennai, Jun 11 (UNI) A local court has dismissed the bail petition filed by DSQ Software Limited Managing Director Dinesh Dalmia, who was arrested by the Central Bureau of Investigation (CBI) and imprisoned in a Rs 600 crore share market fraud case.

While opposing the bail petition, Additional Solicitor General (ASG) N Chandrasekaran said if the accused was granted bail, he would flee the country and tamper with witnesses.

Additional Chief Metropolitan Magistrate Court, Egmore, Judge Ms Sarojini accepted the ASG's arguments and disposed the bail plea.

The CBI had registered a case on a complaint lodged by the Securities Exchange Board of India (SEBI) and conducted a detailed probe. Investigations revealed that Mr Dalmia had fraudulently got dematerialised unlisted shares in the name of four entities -- New Vision Investment Limited, UK, Technology Trust, Softec Corporation and New Vision Investment Pvt Ltd -- and sold it thereafter in the market. The proceeds of the sale were credited in the accounts of DSQ Holdings Limited, Hulda Properties and Trade Limited and Powerflow Holding and Trading Pvt Ltd, in which Mr Dalmia was having stake, thereby dishonestly misappropriating and cheating investors, including the shareholders of DSQ Software Ltd. The accused had thus made wrongful gain of Rs 594 crore.

Mr Dalmia was granted bail on November 11 last by the Additional CMM. Subsequently, on an appeal petition filed by the CBI, Madras High Court had set it aside on January three last. The Supreme Court had dismissed a SLP filed by Mr Dalmia. He was in prison for the last two and a half years.

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