Guru has alleged that few 'bad people' have entered the Exchange and they should be punished
Shankarlal Guru, has stepped down as non-executive chairman of National Spot Exchange (NSEL), saying that some 'bad people' have entered the crisis-ridden Exchange and were responsible for its woes. He, however, refused to name the persons or elaborate on 'bad people' entering NSEL.
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 Rs5,600 crore payment dues.
Ramanathan Devarajan and BD Pawar, both non-executive directors, have 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 NSEL on 7th 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 was quoted in a PTI report.
“The Government has the machinery and it should take the money and return the hard earned money of the investors. There are some bad people in the exchange who should be punished,” he said.
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