Detailing the sequence of events leading up to his being declared a defaulter, Bajaj said this group was instrumental in hammering down the prices of the Sesa Goa stock and had a significant role to play in the chain of events which ultimately led to his default.
He said the payment crisis pertained to (A+B1) settlement 24 which was between September 2 and September 6, and the stock in question was Sesa Goa.
Bajaj and his family had been all along bullish on the scrip, and more so when Mitsui of Japan (according to media reports) evinced an interest to buy a stake in the company.
Bajaj said that he had been buying the scrip from September 2 onwards. "At the end of Wednesday's (September 4) trading, my net purchase position in Sesa Goa was 69,350 shares, and the total exposure was Rs 2.45 crore," he added.
Prices of the Sesa Goa scrip hovered around Rs 355 then. On September 5, BSE had directed Bajaj to pay Rs 9.06 lakh as concentrated ratio margin as Bajaj's exposure had crossed the stipulated Rs 1.5 crore mark.
Bajaj says that he paid the entire margin money on Friday (September 6) and also picked up about 1,000 shares. For the additional purchase, Bajaj paid about Rs 45,000 as margins.
The BSE, Bajaj said, on September 7, took an 'arbitrary' decision and slapped an ad-hoc margin amounting to Rs 25 lakh. Bajaj says he had arranged for the payment.
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However, on the following Monday (September 9), the cheque did not get cleared as there was a clearing problem at the Reserve Bank of India's end on that day.
As on Saturday, Bajaj says a sum of Rs 75 lakh had been already arranged as payment to the BSE clearing house.
The new (A+B1) settlement 25 started on September 9. Bajaj, being bullish ht.asp"-->