As its subsidiary
National Spot Exchange (NSEL) struggles to meet payment obligations, two more directors on Jignesh Shah-promoted Financial Technologies (India) quit on Wednesday.
FTIL, in a Bombay Stock Exchange filing, said: "CM Maniar and N Balasubramanian, Directors of the company, have resigned from the Board and thus cease to be the Directors of the company."
The resignations of Maniar and Balasubramanian came amid payment crisis to the tune of Rs 5,600 crore in FTIL-promoted National Spot Exchange Ltd (NSEL).
After the latest round of resignations, FTIL board now comprises Chairman and Group CEO Jignesh Shah, whole-time Directors Dewang Neralla and Manjay Shah and Directors Chandrakant Kamdar and Ravi K Sheth.
The development also comes close on the heels of two other FTIL directors R Devarajan and PR Barpande resigning from the board last week.
NSEL defaulted on its payment to investors for the second consecutive week on Tuesday, paying just 7 per cent of the promised Rs 174.72 crore weekly amount to investors.
The beleaguered bourse had said its main promoter Jignesh Shah-led FTIL will provide a loan of over Rs 177 crore, which will be utilised to pay the dues of small investors.
FTIL shares on Wednesday rose 6.8 per cent to settle at Rs 141.45 apiece from its previous close at BSE.
Special 
