MCX board approves appointment of 5 new directors

The Multi Commodity Exchange of India said on Wednesday its board of directors has approved the appointment of two independent directors and three shareholder directors.

The board of directors at its meeting held on October 22, approved the said appointments, the exchange said in a regulatory filing on Wednesday.

The three shareholder directors are K N Raghunathan, who is the General Manager, Treasury, Union Bank of India, Sanjaya Agarwal, General Manager (Treasury & Investments) Bank of Baroda and P Paramasivam, General Manager, Corporation bank.

Moreover, G Ananth Raman has been appointed as the independent director on the board of the company for a period up to June 20, 2014.

Pravir Vohra has also been inducted as an independent director for a period up to March 31, 2016, the filing said.

The filing added the board has accepted the resignation of Shreekant Javalgekar as MD and CEO of the company with immediate effect and Parveen Kumar Singhal, deputy managing director (non-board) has been directed to take care of the day-to-day affairs of the exchange until a new incumbent is appointed as managing director and chief executive officer.

A fortnight ago, MCX promoter Jignesh Shah and Joseph Massey were forced to opt out from the board of the stock exchange arm of the FTIL, MCX-SX. Massey was an MD on the stock exchange. MCX MD Shreekant Javalgekar had also resigned last week.

The market was anticipating Shah's resignation from MCX board as well against the backdrop of the payment crisis of Rs 5,600 crore (Rs 56 billion) in the group company, National Spot Exchange.

Image: Jignesh Shah