Supreme Court lifts stay order on Dinesh Dalmia's arrest

 The order appeared a shot in the arm of the investigating agency, Kolkata Police, which failed to arrest Dalmia, allegedly a kingpin of the Rs 120 crore scam at Calcutta Stock Exchange in 2001.

 A three-member bench of the apex court, comprising Rajendra Babu, D M Dharmadhikary and G P Mathur, vacated the stay which was ordered by the Chennai High Court , following an application of the Kolkata Police against a stay. Swapan Dasgupta, officer-in-charge of detective department (special) filed the affidavit in favour of the police.

 The police, tipped by the arrested city stock brokers, had received a warrant from the Chief Metropolitan Magistrate (CMM) in October last to arrest Dinesh Dalmia-owner of DSQ Software, DSQ Industries and DSQ Biotech.

 The allegations against Dalmia were two-fold. One, he reportedly gave 10 lakh fake shares of DSQ Software to Harish Biyani, a defaulter, who, in turn deposited them with CSE.

 And two, he reportedly was in collusion with Stock Holding Corporation of India Ltd (SHCIL) and Biyani to abuse the sell-n-cash product of SHCIL. Both Biyani and B V Goud, former chairman of SHCIL, suffered three-months imprisonment.

 Sources in Lalbazar, the headquarters of the city police, said although the application asking for removal of the stay on Dalmia