NSEL sacks MD& CEO Sinha, 6 more top execs
22 Aug 2013 5:26 AM IST
Crisis-ridden National Spot Exchange Ltd (NSEL) on Tuesday sacked its MD & CEO Anjani Sinha and six other top executives on a day it failed to meet the first scheduled repayment to investors. The others were NSEL CFO Shashidhar Kotian, Assistant VP (Business Development) Amit Mukherjee, Assistant VP (Market Operations) Jai Bhaukhundi, Manager (Business Development) Maneesh Chandra Pandey, Assistant VP (Market Operations) Santosh Mansingh and Assistant VP (Market Operations) H B Mohanty.
The Board has appointed P R Ramesh as officer on special duty (OSD) to exercise all powers of CEO. He will report directly to the Board.
NSEL could settle only Rs 92.12 crore out of the scheduled of Rs the 174.72 crore payment it had committed to the sector regulator, Forward Markets Commission (FMC). This was largely because nine National Spot Exchange Ltd members had failed to pay their dues.
NSEL had to shut down its operation early this month following the government direction in the wake of violation of certain rules. It has given a seven-month plan to settle Rs 5,600 crore to investors.
‘The Board decided that the current Key Management team headed by Anjani Sinha and other relevant heads of departments be removed from their current assignments, pending an enquiry,’ National Spot Exchange Ltd said in a statement.
The Board meeting was held to identify measures to be taken to solve the problems in NSEL. ‘Sinha will cease to be the MD & CEO of NSEL with effect from August 20, 2013 and he will be a Special Officer assisting in the recovery process,’ the exchange said.
The Board has appointed P R Ramesh as officer on special duty (OSD) to exercise all powers of CEO. He will report directly to the Board.
NSEL could settle only Rs 92.12 crore out of the scheduled of Rs the 174.72 crore payment it had committed to the sector regulator, Forward Markets Commission (FMC). This was largely because nine National Spot Exchange Ltd members had failed to pay their dues.
NSEL had to shut down its operation early this month following the government direction in the wake of violation of certain rules. It has given a seven-month plan to settle Rs 5,600 crore to investors.
‘The Board decided that the current Key Management team headed by Anjani Sinha and other relevant heads of departments be removed from their current assignments, pending an enquiry,’ National Spot Exchange Ltd said in a statement.
The Board meeting was held to identify measures to be taken to solve the problems in NSEL. ‘Sinha will cease to be the MD & CEO of NSEL with effect from August 20, 2013 and he will be a Special Officer assisting in the recovery process,’ the exchange said.
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