Shankarlal Guru, the non-executive Chairman the
National Spot Exchange (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 quitting as
the exchange struggles to clear Rs 5,600-crore payment due.
Non-executive directors Ramanathan Devarajan and B D Pawar have quit, leaving just NSEL's single largest promoter Financial Technologies' (FTIL) owner Jignesh Shah and Joseph Massey on the board.
"I resigned from Board of Directors of NSEL on August 7 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 told PTI.
The Non-Executive Chairman is not responsible for day-to-day functioning or running of the exchange.
"NSEL should be
brought out of this crisis and the few bad people who have entered the exchange should be punished," Guru, who has been a former Member of Legislative Assembly from Unjha (Gujarat), added.
"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.
He, however, refused to name the persons or elaborate on "bad people" entering NSEL.
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