| CSE had taken special permission from Registrar of Companies (RoC) to hold the AGM, which was to be held by September 30. |
| Lyons Range members as well as the CSE officials were clueless about how to pass the audited accounts for the last financial year. |
| The inability of the exchange to pass the 2002-03 balance-sheet meant further delay in demutualisation of the exchange. |
| They said CSE, in all likelihood, might seek permission from the finance ministry, as RoC would not grant any further extension, to hold the AGM. |
| T K Das, the newly appointed CSE administrator, refused to talk on the issue. Interestingly, Das, in his first media briefing after joining the office, said his top most priority would be holding the AGM within the stipulated time period. |
| CSE would also have to place annual accounts for 2001-02 before the shareholders. Last year's AGM was adjourned. |
| The bourse would also have to place an audited accounts of Settlement Guarantee Fund (SGF) for the shareholders' approval. |
| Lyons Range members said they could not understand the delay in holding the AGM. "We are told that the annual accounts for 2002-3 is ready. Then why are the authorities not placing it before us?" a member asked. |
| Sources close to the development said one reason for the delay could be that the new administrator wanted a fresh check on the numbers before signing on the dotted line. |
| A senior broker said what might be the reason, it was clear that CSE had no intention to change its style of operations, no matter Sebi wanted to see it a changed organisation. |
| Sebi chairman yesterday indicated that the regional exchanges would die unless they changed themselves. |
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