BackNSEL chairman Shankarlal Guru resigned on 19 Aug
Information about the resignation was conveyed to the Forward Markets Commission on 21 Aug, says NSEL spokesperson
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Mumbai: Shankarlal Guru, chairman of crisis-hit National Spot Exchange Ltd (NSEL), resigned on 19 August, information about which was conveyed to the commodity futures market regulator Forward Markets Commission on 21 August, a spokesperson for the exchange said on Monday.
Guru is father-in-law of Nilesh K. Patel, owner of NK Proteins Ltd, which owed the spot exchange ₹ 969.89 crore to settle its positions. NK Proteins topped the list of buyers the commodity exchange published on 16 August.
On 21 August, Financial Technologies (India) Ltd (FTIL), which owns the spot exchange, said two of its directors, R. Devarajan and P.R. Barpande, resigned, and N. Balasubramanian joined as an additional director.
On 31 July, the commodities bourse abruptly suspended trading in all one-day contracts without assigning a clear reason for doing so, although it seems likely that the fear of impending government action forced its hand. The exchange was unable to fulfil its first payout commitment last week.
In another development, the National Stock Exchange, India’s largest bourse, has sold most of its 2.4% stake in Multi Commodity Exchange of India Ltd, a person with knowledge of the development said on Monday. The stake was sold in a staggered manner over the past three weeks, the person said, requesting anonymity. Multi Commodity Exchange is also a unit of FTIL.
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