Calcutta High Court Sets Aside Calcutta Stock Exchange Penalty Against Dalmia Securities Over Invalid Board

The Calcutta High Court has set aside a penalty order passed by the Calcutta Stock Exchange Ltd (CSE) against Dalmia Securities Pvt Ltd, holding that the decision was taken by an unlawfully constituted governing board. The court, however, upheld the validity of the underlying investigation. Justice Sabyasachi Bhattacharyya partly allowed the writ petition filed by Dalmia Securities and its director. He held that the investigation into alleged violations was legally valid, but the final order...