The Governing Board of the Exchange, in its meeting held on 5th December 2002, considered the matter related to Shri A. A. Tirodkar.

By Resolution dated 19th April 2002 the Governing Board had decided to terminate the services of Shri A.A. Tirodkar, keeping in view the recommendation made in para 49 of the Report of the Hon'ble Justice B.V. Chavan (Retd), Learned Enquiry Officer and other relevant facts, and to make payment to Shri Tirodkar of the terminal benefits and 6 months pay in lieu of notice. The Board also decided that his absence from 13th March 2001 onwards would be treated as extra ordinary leave as suggested in the Enquiry Report.

In the context of the Order passed by the High Court on the Writ Petition of Shri Tirodkar, an opportunity was given to him to appear before the Governing Board in its meeting held on 27th September, 2002 and to make his representation for review of the decision taken by the Board on 19th April 2002. Besides oral representation, Shri Tirodkar had made his submissions in writing also.

Keeping in view the background of the case and taking an overall view of the matter, the Board unanimously resolved as under: -

1. In view of the Enquiry Officer having clearly held in para 47 of his Report that two charges had been established against Shri A. A.Tirodkar, Shri Tirodkar should tender an unconditional apology in writing to the Exchange in respect of charges proved as set out in para 47 of the report and undertake to be careful in future. [Note: (It is not correct to allege that Shri Tirodkar was fully exonerated by the report of Hon'ble Mr Justice Chavan)].
2. Shri Tirodkar may tender his apology and provide necessary undertaking within two weeks from the date of the Exchange's letter conveying the Governing Board decision.
3. If Shri Tirodkar does not desire to comply with the said requirement within 2 weeks, the Governing Board will be free to look into the matter afresh if it so deems fit and take such appropriate action as it considers necessary. In such an eventuality, the earlier decision of the Board taken on 19th April, 2002 shall stand subject to the enforcement thereof being deferred for four weeks as set out in the order of the Hon'ble Court in Writ Petition hereinabove.

It is clarified that in the event of Shri Tirodkar complying with the requirement in clauses (a) and (b) herein, Shri Tirodkar is allowed to re-join the duty within one week thereafter subject to necessary posting by the administration of the Exchange to such post as deemed fit.

December 6, 2002