Markets: Mid-caps sustain rally
Mumbai: The Sensex settled at 5715.62 with a gain of about 0.93 per cent or 52.75 points over Wednesday's close of 5662.87. The S&P CNX Nifty closed at 1800.10 points, up by 16.25 points over its previous close.

Market Gainers
Infosys, Wipro, Hindustan Lever, Ranbaxy, Jaiprakash Associates, Gujarat NRE Coke, Adlabs, Sesa Goa

Market Losers
HDFC, Hindalco, Reliance Industries

Market Counters
SAIL up 3.94 per cent at Rs50.10
Indian Overseas Bank up 6 per cent at Rs49.80
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Dalmia and DSQ move tribunal against SEBI order
Kolkata/Mumbai: DSQ Software Ltd and its Managing Director, Dinesh Dalmia, have challenged the order by the Securities and Exchange Board of India (SEBI) asking the company and Dalmia to buy back 1.3 crore "irregular" DSQ Software shares, introduced into the secondary market system in 2000-01 without listing.

The company has already filed an application before the Securities Appellate Tribunal (SAT) challenging the order.

DSQ has contested the market regulator's order to deposit Rs630 crore, calculated as the total value of such dud shares, taking into account the average price of the scrip in the relevant settlement, within 45 days from September 9, 2004, when the order for buyback was issued. The money was to be deposited in a separate escrow account to be maintained with a nationalised bank. The shares, according to the order, were to be retained in a separate demat account, "till completion of investigations by various police agencies".

SEBI had also barred withdrawal of these specific 1.30 crore shares "without prior permission in writing from SEBI". The shares were to be retained in the demat account till permission for reduction in capital (of DSQ Software Ltd) was obtained by the company from the "competent authority".

The SEBI order under Section 11 and 11b of the SEBI Act, also debarred Mr Dalmia from stock trading activities for 10 years and five other directors of company during the 2000-01 period, when a total of 1.70 crore "fake" DSQ Software shares were allotted.

SEBI had claimed that its investigation "revealed that there were irregularities in the allotment of 1.70 crore shares of DSQ Software Ltd in the year 2000-01 and out of the said shares, 1.30 crore shares were introduced into the secondary market without listing".
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