BK Modi bought 51% stake in WSF in September last year and was appointed its chairman in October. His exit from the company as chairman and director has raised some questions

Financial services company Wall Street Finance (WSF) on Friday said that BK Modi has resigned as the director and chairman of the board of directors of the company, reports PTI.

His resignation would be effective from 8th February, WSF said in a filing to the Bombay Stock Exchange (BSE).

Interestingly, last October, BK Modi was appointed chairman of WSF. The BK Modi-owned Spice Investment and Financial Advisors bought 51% stake in the forex and money transfer firm from where Anil Ambani Group's Reliance Money exited by selling its entire 36.8% stake in WSF for Rs22 crore in September 2009. The exit of BK Modi from WSF has certainly raised some questions.

WSF said that BK Modi is being replaced by Dilip Modi, who has been appointed as the chairman and an additional director on the board of the company. His appointment would come with effect from 9th February, the company said.

Dilip Modi is presently the group president—global operations of Spice Group and chairman of Spice Mobiles. He is also the senior vice-president of industry body Assocham.

The financial services firm also announced the appointment of Divya Modi as vice-chairman on the board with effect from 9th February.