Press Esc to close
Thursday 30 March 2017
News updated at 8:48 PM IST

NSEL board Chairman Shankarlal Guru quits

New Delhi/Bangalore, Aug 26, 2013, DHNS & Agencies:
logo of NSEL
Shankarlal Guru, the non-executive chairman of the National Spot Exchange (NSEL), has resigned saying some “bad people” have entered the crisis-ridden exchange and were responsible for its woes.

Guru’s resignation comes on the heels of at least two directors on the five-member board of NSEL quitting as the exchange struggled to clear Rs 5,600 crore in payments due.

Ramanathan Devarajan and B D Pawar, non-executive directors have quit, leaving just Jignesh Shah, who owns FTIL, the single largest promoter of NSEL, and Joseph Massey on the board.

“I resigned from Board of Directors of NSEL on August 7 as I and (NSEL director) BD Pawar felt that our mission of promoting agriculture marketing is not being followed and there has been such a big scam in the exchange, which is not the right thing. I have nothing to do with this issue,” Guru said.

The Non-Executive Chairman is not responsible for day-to-day functioning or running of the exchange.

NSEL should be brought out of this crisis and the few “bad people” who have entered the exchange should be punished, Guru, who has been a former Member of Legislative Assembly from Unjha (Gujarat) added.

“The government has the machinery and it should take the money and return the hard earned money of the investors. There are some bad people in the exchange who should be punished,” he said.

He, however, refused to name the persons or elaborate on “bad people” entering NSEL.

Complaint lodged against defaulting firms

NSEL on Monday said that it has declared nine of its members as defaulters and filed cases against five of them after the last pay-in was not completed by them. As per the rules and by-laws, the exchange has asked these defaulting members to submit their books of accounts and hand-over all their collaterals.

Go to Top

Photo Gallery
People  are purchasing Mango leaves and Neem leaves on the eve of Ugadi festival ...

People are purchasing Mango leaves and Neem leaves on the eve of Ugadi festival ...

A group of Marathi women, dressed in traditional attires, with placards displaying...

A group of Marathi women, dressed in traditional attires, with placards displaying...

Yakult's new brand ambassador and Bollywood actor Shilpa Shetty at a promotional event...

Yakult's new brand ambassador and Bollywood actor Shilpa Shetty at a promotional event...

King of fruits mango has arrived for sale at Eidgah Maidan near Channamma Circle in Hubballi...

King of fruits mango has arrived for sale at Eidgah Maidan near Channamma Circle in Hubballi...

Children with flowers, neem leaves and jaggery all set to welcome the New Year...

Children with flowers, neem leaves and jaggery all set to welcome the New Year...

Roads wear deserted look on Tuesday as temperature soars in Surat...

Roads wear deserted look on Tuesday as temperature soars in Surat...

Security forces chasing away local protesters who tried to disrupt an anti-militant operation...

Security forces chasing away local protesters who tried to disrupt an anti-militant operation...

Smoke billowing out of the house which was targeted by the security forces personnel for...

Smoke billowing out of the house which was targeted by the security forces personnel for...

A man carries schoolchildren on his bicycle on a road in Srinagar, India...

A man carries schoolchildren on his bicycle on a road in Srinagar, India...

Russian opposition leader Alexei Navalny, foreground, speaks to press in a court room in Moscow....

Russian opposition leader Alexei Navalny, foreground, speaks to press in a court room in Moscow....

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523