NSEL appoints five new independent directors

PTI Posted online: Wednesday, Jan 15, 2014 at 0000 hrs
Mumbai : The troubled National Spot Exchange Ltd (NSEL) has appointed five new independent directors and a non-executive director to its board.

The new members -- Uttam Prakash Agarwal, Amarendra Sahoo, Niraj Gupta, Subramanya Kusnur and Varghese Jacob -- and non-executive director Ashok Nag have experience of over two decades in their respective fields.

"We believe that their background and expertise will add great value to the company and enable it to sail through the present crisis," NSEL CEO Saji Cherian said in a statement today.

The spot commodity bourse, promoted by Jignesh Shah-led Financial Technologies, has been facing problems in settling Rs 5,600 crore in dues of 148 member brokers representing 13,000 investor clients after it suspended trading on July 31 on the government's directions.