Financial Technologies appoints former FMC chief, retired judge on its board

Written by PTI | New Delhi | Updated: Oct 12 2013, 04:16am hrs
Financial Technologies India Ltd has appointed former FMC chairman Venkat Chary and retired judge R J Kochar as additional directors on its board, after a series of resignations of top officials in the aftermath of the Rs 5,600 crore payment crisis at its group firm NSEL.

So far, five directors - CM Maniar, N Balasubramanian, R Devarajan, PR Barpande and T C Nair have quit FTIL. Their resignation came amid payment crisis to the tune of Rs 5,600 crore in FTIL-promoted National Spot Exchange Ltd (NSEL).

In a filing to the BSE, FTIL said: "Venkat Chary and Justice R J Kochar (Retd) have been appointed as additional directors (Non-Executive and Independent) on the board of the company."

Chary, a retired IAS officer and former chairman of commodity markets regulator Forward Markets Commission (FMC), has been associated with FTIL group companies MCX, IEX, MCX-SX and others. He was a non-executive independent director and chairman at MCX for he last 10 years, whereas Kochar is a retired judge from Bombay High Court.

Besides, Hariraj Chouhan has been appointed as Company Secretary in place of Naishadh Desai, who will concentrate in legal department of the company due to increase in work load, the filing said.

Meanwhile, T C Nair has resigned from FTIL and he ceased to be director from September 25 of this year, it added.

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 Director Paras Ajmera, according to its website.

FTIL shares today fell by 1.48 per cent to settle at Rs 166.80 a piece from the previous close at BSE.