Press Esc to close
Friday 29 April 2016
News updated at 7:28 PM IST
Weather
Max: 36.7°C
Min : 24.5°C
In Bengaluru
Sunny day

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
ISRO's PSLV-C33 carrying India's navigation satellite, the IRNSS-1G lifts off successfully...

ISRO's PSLV-C33 carrying India's navigation satellite, the IRNSS-1G lifts off successfully...

Pranab Mukherjee with Grand Chief Sir Michael Ogio, GCL, GCMG, KSt. J., GG of Papua New Guinea...

Pranab Mukherjee with Grand Chief Sir Michael Ogio, GCL, GCMG, KSt. J., GG of Papua New Guinea...

A man takes a photo of the mummified body of revered Buddhist monk Fu Hou in Quanzhou city...

A man takes a photo of the mummified body of revered Buddhist monk Fu Hou in Quanzhou city...

A farmer walk with a calf on parched lake bed at drought-hit Hukunda near Chikmagalur...

A farmer walk with a calf on parched lake bed at drought-hit Hukunda near Chikmagalur...

Visitors taking selfie with Apple at ‘Apple exhibition cum sales mela’ organised by HOPCOMS...

Visitors taking selfie with Apple at ‘Apple exhibition cum sales mela’ organised by HOPCOMS...

A visitor takes photos of a BMW 328, produced from 1936 to 1940, on display at GUM...

A visitor takes photos of a BMW 328, produced from 1936 to 1940, on display at GUM...

In this photo taken with a fish-eye lens, Volkswagen cars are presented to media...

In this photo taken with a fish-eye lens, Volkswagen cars are presented to media...

The London Eye, in central London, is illuminated in the colours of the Brazilian flag...

The London Eye, in central London, is illuminated in the colours of the Brazilian flag...

A pair of ducks in river Brahmaputra in Guwahati...

A pair of ducks in river Brahmaputra in Guwahati...

A 23-day-old hamadryas baboon plays with a stuffed toy at Sri Chamarajendra Zoological Gardens...

A 23-day-old hamadryas baboon plays with a stuffed toy at Sri Chamarajendra Zoological Gardens...