- DSQ software
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DSQ Software Ltd, established in 1992 and headquartered in Chennai formerly Madras, India was a publicly listed IT and Software services consulting company which was a top performer of the 1990s. Company was known as Square D Software Ltd when it was incepted in 1992 and later on changed its name to DSQ Software in the year 1997.
The Company was well regarded internationally for its service offerings in Mainframe and Midrange computing, Telecommunications, CAD, and various other IT service areas. DSQ had an impressive international clientele spanning US, Europe and Asia Pacific and employed around 2000 people in the year 2000 and reported revenues in the region of $150m for the same year. Hewitt Associates, a leading US based Human Resources consultancy firm valued the human resources capital of DSQ at $1bn.
Dinesh Dalmia, Company's promoter and Managing director got entangled in a series of share market controversies in relation to various dubious acquisitions and partisan allotments made by DSQ in the year 2000 & 2001. From the year 2002, DSQ's market presence diminished when its lucrative operations and client service contract agreements were sold to a privately held company. Year 2003 saw DSQ's collapse and there was very minimal business activities as the promoter was rumored to have disappeared from the scene in order to avoid legal proceedings.
Dalmia got arrested at Delhi, India in 2006 for various fraud charges and is currently serving jail sentence whilst enquiry is underway. It is believed that Dalmia was in the United States from 2003 to 2006 trying to establish presence in the BPO market by setting up businesses using proxy names and deals. He was constantly seen in the New Brunswick area of New Jersey driving luxury cars and often eating at Udipi Cafe. He has been indicted in 2006 by the FBI in the United States on multiple charges of fraud. However in the year 2011 he has been released on bail in all cases in India. There are rumors that he has also entered into a settlement in the United States
DSQ Software is operationally dormant as per the trading information submitted for the year 2005. As per BSE data, the public holding in DSQ Software is over 70% and equity capital of over Rupees 300 million.
More information on the DSQ saga can be found here http://www.suchetadalal.com/?id=8d24f42b-cdf7-37eb-48da2ae56293&base=sub_sections&f&t=DSQ+Software+Saga
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