Millennium Post

Crisis-striken MCX board okays 5 new directors’ appointment

The board of directors at its meeting held on 22 October, approved the said appointments, the exchange said in a regulatory filing on Wednesday.

The three shareholder directors are K N Raghunathan, who is the general manager, treasury, Union Bank of India, Sanjaya Agarwal, general manager (treasury and investments) Bank of Baroda and P Paramasivam, general manager, Corporation bank.

Moreover, G Ananth Raman has been appointed as the independent director on the board of the company for a period up to 20  June, 2014.

Pravir Vohra has also been inducted as an independent director for a period up to 31 March, 2016, the filing said.

The filing added that the board has accepted the resignation of Shreekant Javalgekar as MD and CEO of the company with immediate effect and Parveen Kumar Singhal, deputy managing director (non-board) has been directed to take care of the day-to-day affairs of the exchange until a new incumbent is appointed as MD and CEO.

A fortnight ago, MCX promoter Jignesh Shah and Joseph Massey were forced to opt out from the board of the stock exchange arm of the FTIL, MCX-SX. Massey was an MD on the stock exchange. MCX MD Shreekant Javalgekar had also resigned last week.

The market was anticipating Shah's resignation from MCX board as well against the backdrop of the payment crisis of Rs 5,600 crore in the group company, National Spot Exchange (NSEL).
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