Shankarlal Guru, Non-Executive Chairman of 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 payment dues.

Ramanathan Devarajan and B.D. Pawar, both 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 the board of directors of NSEL on August 7 as I and (NSEL director) B.D. 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 told PTI.

The Non-Executive Chairman is not responsible for the 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 of the 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.

(This article was published on August 26, 2013)
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