Millennium Post

NSEL Chairman Guru raps ‘bad people’ for ills, quits

Shankarlal Guru, the non-executive chairman of National Spot Exchange Ltd (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 payments due.Ramanathan Devarajan and B D Pawar, non-executive directors have also 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 National Spot Exchange Ltd on 7 August 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. National Spot Exchange Ltd should be brought out of this crisis and the few ‘bad people’ who have entered the exchange should be punished, Guru added. ‘The government has the machinery and should take the money and return the hard earned money of the investors,’ he said.

He, however, refused to name the persons or elaborate on ‘bad people’ entering NSEL. 
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