N O T I C E
Re: Appointment of two Shareholders’
Representatives in the Empowered Committee
In accordance with The Calcutta Stock
Exchange Association Ltd., (Demutualisation) Scheme, 2005, the Exchange is
required to divest a minimum of 51% of its shares to the public other than
shareholders having trading rights in the manner and within the period as
prescribed under sub-section 8 of Section-4B of the Securities Contracts
(Regulation) Act, 1956 (SCRA) and the
Securities Contracts (Regulation) (Manner of Increasing and Maintaining Public
Shareholding in Recognised Stock Exchanges) Regulations, 2006. The Exchange had
appointed M/s.PricewaterhouseCoopers Pvt. Ltd., as its Consultants for the
above purpose. Further, for the smooth and successful completion of the
Demutualisation Programme, a high level Empowered Committee consisting of
eminent persons was constituted. As the issues relating to the divestment
process are of significant importance to the existing shareholders of the
Exchange and since no elected representatives of shareholders are available at
present, it was envisaged that the said Empowered Committee would meet the
shareholders from time to time and keep them informed about the progress of the
divestment process and solicit their comments/suggestions in the matter. The
Exchange had accordingly arranged a meeting of the Empowered Committee with the
shareholders on the 28th March, 2007 for this purpose. However, it has become
evident that frequent and speedy interactions with the shareholders at various
stages of the divestment process are essential for successful completion of the
Demutualisation Programme. It has therefore been felt that arrangements need be
made for participation of the shareholders’ representatives in the
deliberations of the Empowered Committee on a regular basis to make the
decision making process quicker as also more transparent. It has also been
noted that to enable the said shareholders’ representatives to have proper
status and authority, they need be elected by the general body in a General
Meeting of the shareholders and be given appropriate authorization to act on
their behalf. Keeping in view the 25% cap on the representation of Trading
Members in the Exchange Management as envisaged in the Demutualisation Scheme
as also in SCRA, shareholders’ approval is sought for appointment of two
representatives of the shareholders in the Empowered Committee for
Demutualisation Programme through a process of election. Accordingly, for the
purpose of election of the shareholders’ representatives in the Empowered
Committee, nomination is sought from the shareholders of the Exchange.
Any shareholder desirous of becoming a member
of the Empowered Committee shall file a notice in writing under his hand
signifying his intention to do so at the office of the Exchange at least 7 days
before the said Extra Ordinary General Meeting fixed on Wednesday, May 23, 2007
at 4.30 P.M. Such notices shall have to be deposited at the Registered office
of the Exchange not later than Tuesday, May 15, 2007 upto 4.30 P.M.
By Order of the Administrator
The Calcutta Stock Exchange Association Ltd.,
K.Mukhopadhyay
Authorised Signatory
Dated : 26th
April,2007.
Place : Kolkata