The Multi Commodity Exchange board, which met here on Tuesday, approved the appointment of three shareholder directors and two independent directors. Three shareholder directors are: K.N. Raghunathan of Union Bank of India, P. Paramasivam of Corporation Bank and Sanjay Agarwal of Bank of Baroda. The two new independent directors include G. Ananthraman, former SEBI member, and Pravir Vora, former Chief Technology Officer, ICICI Bank. The newly-appointed directors will form the oversight committee, which will be headed by Vora as Chairman. The revamped MCX board accepted the resignation of Shreekant Javalgekar, who quit MCX as Managing Director on Saturday. The exchange will now issue advertisements to find a replacement. Praveen Singhal, Deputy Managing Director of MCX, will discharge the responsibility of MD till a new person is inducted. Including the five newly-inducted members, the MCX now has 12 directors on board and FMC intends to take the strength to the previous level of 14.