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NSEL board Chairman Shankarlal Guru quits

New Delhi/Bangalore, Aug 26, 2013, DHNS & Agencies: 3:38 IST
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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.

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