BSE demands Rs 50,001 ... Because of blowing a whistle

Very interesting suit filed by BSE against me, came up on 20/11/2008... then 13/2/2009 then 21/4/2009 and now kept for 27/7/2009.

Instead of giving me a reward of Rs 5 lakhs for helping BSE weed out 2 Sr corrupt managers, in 2000, they want compensation of Rs 50,001 from me, as they lost the services of 2 Rogues.
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I had made a complaint about Mr J J Bhat ( Director Listing ) and Mr S K Pandey, Dy General Manager of the Exchange's Corporate relations Department demanding bribes ... this was in 2000

Subsequently a 3 member committee was formed to go into my complaint,comprising of :

1.Justice D R Dhanuka, a retired HC Judge,
2. Mr S S Thakur, then Chairman of HDFC Bank and
3. Mr Janak Raj being the Reserve Bank of India's mominee.

I appeared before this committe and the 2 people I had complained were forced to resign from the stock exchange. Inquiry report was not given to me, though I was supposed to get it.

Now instead of rewarding me, for having brought to their notice about corrupt practices of their managers, the Stock Exchange wants me to pay Rs 50,001/-.

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2000 ... was Mg Director of Sellaids Publications I Ltd., the company was listed on the Bombay Stock exchange since 1993.

2000 ... because of Defaults, etc, not filed as per listing agreement ... trading in scrip was suspended ....These were filed and officially penalty paid approx Rs 61,000 ... and ban on trading removed.

2000 ... Listing depatment officials, were not happy, we had done everything legally and paid fine OFFICIALLY ... they wanted Rs 50,000 "Bribe" ... actually EXTORTION ... I refused.

2000 .... They illegally suspended my company scrip ... and demanded irrelevant details, about my company, my personal details, etc. ... Gave them all details ... Company scrip were allowed to be traded after
2 weeks of Illegal suspension.

2000 ... Made complaints by Email repeatedly & later registered post to all, BSE Directors, SEBI, Finance Ministry, Finance Minister, etc, etc ... Nothing happened, for over a month.

2000 ... Sent a letter by Fax to Stock Exchange, about forming Association of Companies Listed on BSE ... Aim ... to collect money every month from members and pay regularly to BSE officials, for friendly & smooth relations. No need to negotiate, individually. Would benefit all. Copy of Ad to be released was sent.

Ad Copy ... To form association, for above purpose, inauguaral meeting inviting all companies listed on BSE, was to be held at a Hotel with Chief Guest being Mr J J Bhatt, Director Listing, BSE. ... Letter was faxed to Mr J J Bhatt to confirm attendance.

Panic at BSE... Immediately on receiveing these Faxes, there was panic at BSE, they called their lawyers, Wadia Gandhi & Associates, as Ads were to be released in leading Newspapers within next 2/3 days.

Action within 3 hours ... Received fax from BSE that they had taken note of my complaints and formed a 3 member committee, to go through my complaint. ( Retired HC Judge + Sr Manager RBI + Chairman of HDFC )

After another 1 hour .... Received another fax, "Since we have already formed a committee, you must stop release of Ads ... Confirm you will not release the ads" ... I refused to confirm.

Next Day ... They moved HC, with an urgent motion " Restrain I K Chhugani from releasing ads as they would be defaming BSE". ... I appeared in HC asked for 2 weeks to reply ... They had stated they plan to file suit for Rs 10 crore as damages.

After 2 weeks ... I gave oral assurance in the HC. Said ... "Since BSE has now appointed a 3 member committee to take action on my complaint , I will not release those ads".

Appeared before 3 member committee ... Mr J J Bhat ( Director Listing ) and Mr S K Pandey, Dy General Manager of the Exchange's Corporate relations Department were forced to resign.

Copy of inquiry report was never given to me.

Now Discovered ... They have filed a Suit No 4092 of 2000 claiming of Rs 50,001 from me, for threat to defame ...

Regards

I K Chhugani
http://www.RoguePolice.com
Mobile 091 98201 71571
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