The notorious Dinesh Dalmia, of DSQ Software, made yet another attempt to beat the system by approaching the Madras High Court to delay investigations against him. But The Hindu reported on April 2, that the court declined to "either stall or interfere with the investigation" connected with allegations of circular trading in shares leading to a loss of Rs 120 crore on the Calcutta Stock Exchange.
The Hindu says that although the case was registered by the Central Kolkata police, Mr. Dalmia moved the Madras High Court for quashing the FIR filed against him. The Kolkata police who have filed action against Dalmia however contended that the Madras High Court lacked territorial jurisdiction since the cause of action had wholly arisen within the city limits of Kolkata. Justice P. Sathasivam, of the Madras High Court upheld this contention and dismissed Dalmia's petition; the learned judge also said that since a Joint Parliamentary Committee comprising more than 30 Members of Parliament and other agencies such as the Reserve Bank of India, Central Board of Direct Taxes and the Enforcement Directorate went into the Dalmia's case,"the conclusion of the Committee cannot be ignored lightly. All these events and allegations have to be fully investigated by the agency concerned.