DSQ Software

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title: "DSQ Software" type: doc version: 1 created: 2026-02-28 author: "Wikipedia contributors" status: active scope: public tags: ["software-companies-of-india", "companies-based-in-chennai", "software-companies-established-in-1992", "indian-companies-established-in-1992", "1992-establishments-in-tamil-nadu", "companies-formerly-listed-on-the-national-stock-exchange-of-india", "companies-formerly-listed-on-the-bombay-stock-exchange", "corporate-crime", "accounting-scandals", "fraud-in-india", "accounting-in-india", "corporate-governance-in-india"] topic_path: "economics" source: "https://en.wikipedia.org/wiki/DSQ_Software" license: "CC BY-SA 4.0" wikipedia_page_id: 0 wikipedia_revision_id: 0

::data[format=table title="Infobox company"]

FieldValue
nameDSQ Software Ltd
imageDSQ Logo main1.jpg
former_nameSquare D Software Ltd
typePublicly listed traded
industryIT Services
fateDefunct (Services and operations were privately sold in 2002)
successorScandent Solutions, later became Cambridge Solutions, acquired by Xchanging Plc, acquired by CSC now operating as DXC Technology
founded1992 in Chennai, Tamil Nadu, India
founderDinesh Dalmia
defunct2004
hq_location_cityChennai
hq_location_countryIndia
area_servedInternational
owner
num_employees2000+
num_employees_year2001
::

| name = DSQ Software Ltd | image = DSQ Logo main1.jpg | former_name = Square D Software Ltd | type = Publicly listed traded | industry = IT Services | traded_as = | fate = Defunct (Services and operations were privately sold in 2002) | successor = Scandent Solutions, later became Cambridge Solutions, acquired by Xchanging Plc, acquired by CSC now operating as DXC Technology | founded = 1992 in Chennai, Tamil Nadu, India | founder = Dinesh Dalmia | defunct = 2004 | hq_location_city = Chennai | hq_location_country = India | area_served = International | key_people = | products = | owner = | num_employees = 2000+ | num_employees_year = 2001 | parent = | website =

DSQ Software Ltd, established in 1992 and headquartered in Chennai formerly Madras, India was a publicly listed IT and Software services consulting company mainly operated overseas using its base in India. DSQ was in the top league of Indian IT companies that operated abroad during the tech-boom of 1990s, that mainly catered demands from western markets for project services, technical manpower and IT skills. 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 offered service offerings in Mainframe and Midrange computing, Telecommunications, CAD, and various other IT service areas. DSQ had clients in US, Europe and Asia Pacific and employed around 2000 people in the year 2000 and reported revenues in the region of $60m for the same year. Hewitt Associates, a leading US based Human Resources consultancy firm valued the human resources capital of DSQ at $1bn. DSQ had an impressive list of international clients and it posted year-on-year increasing revenues till year 2000. In year 2000, DSQ was also the first to establish as an Application Service Provider providing Internet based services, operating from India by establishing DSQworld.com.

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. Though the India operations of DSQ ceased in 2002, it still carried on trading under various renamed entities in the UK between 2001-2004 with reported group revenues of £76m GBP where the US entity accounted over 98% group revenue for the financial year ending March 2004. The company was called AllServe Systems Plc when it entered administration in November 2004 and liquidation was completed in 2010. DSQ Software is operationally dormant as per the trading information submitted for the year 2005 at BSE. The public holding in DSQ Software is over 70% and equity capital of over Rupees 300 million.

Promoter-led issues

Dinesh Dalmia, Company's promoter and Managing director got entangled in a series of share market controversies in relation to various partisan share allotments and transfer of equity made by DSQ from the year 1998 through to 2001.

Dalmia got arrested at Delhi, India in 2006 for various fraud charges. It was later established that Dalmia was in the United States from 2003 to 2006 trying to perpetuate fraud in computer equipment leasing market by setting up businesses using fake names and deals purportedly money laundering. 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. Some social commentators see lack of corporate governance more as a part of a broader problem relating to India's family-owned corporate environment. DSQ is cited in the list of major corporate scams of India, along with Satyam Scandal.

During Oct 2013, SEBI barred Dinesh Dalmia and DSQ Software for a further period of 7 years. In Jan 2019, SEBI further imposed a Rupee 1 crore fine for failing to comply with its directions passed.

References

References

  1. "Regulators Drag Their Feet". Internet Archive.
  2. "DSQ Software Official Website Ltd.". Internet Archive.
  3. "DSQ Locations". Internet Archive.
  4. "DSQ Historical data.". Internet Archive.
  5. "DSQ Services data.". Internet Archive.
  6. "DSQ Financial Data". Internet Archive.
  7. "DSQ Brochure data.". Internet Archive.
  8. "DSQ Financial Data". Internet Archive.
  9. (28 September 2003). "DSQ Business Today". Business Today.
  10. (21 July 2004). "AllServe Systems Plc Results Mar 2004".
  11. (16 Nov 2005). "AllServe Systems Administration".
  12. (23 Jan 2012). "AllServe Systems Liquidation".
  13. (23 Sep 2005). "DSQ BSE Trading data as of 2005".
  14. "ADJUDICATION ORDER NO. PKK/AO/98/2011".
  15. "SEBI Order Prohibition of Fraudulent and Unfair Trade Practices against DSQ Software Limited and Shri Dinesh Dalmia, Director".
  16. (14 March 2006). "CSE scam kingpin Dinesh Dalmia held". Business Standard India.
  17. "$19 Million Equipment Lease-Financing Scam".
  18. "Dalmia Indictment".
  19. "DALMIA SCANDAL".
  20. "Analysis of Major Corporate scandals in India".
  21. (4 October 2013). "SEBI bars DSQ Software, Dalmia from capital markets for 7 yrs". The Hindu.
  22. (18 January 2019). "Sebi slaps Rs 1 cr fine on individual in DSQ Software case". The Times of India.

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software-companies-of-indiacompanies-based-in-chennaisoftware-companies-established-in-1992indian-companies-established-in-19921992-establishments-in-tamil-naducompanies-formerly-listed-on-the-national-stock-exchange-of-indiacompanies-formerly-listed-on-the-bombay-stock-exchangecorporate-crimeaccounting-scandalsfraud-in-indiaaccounting-in-indiacorporate-governance-in-india