FT appoints two new additional directors

Move comes after two of its directors C M Maniar, N Balasubramanian resigned after payment crisis

The Jignesh Shah-promoted Financial Technologies (India) Ltd (FTIL) on Friday announced the appointment of Venkat Chary, former chairman of Multi Commodity Exchange of India Ltd (MCX), and former judge R J Kochar as additional directors (non-executive and independent) on the board of the company.

The move comes after two of its directors, C M Maniar and N Balasubr-amanian, resigned after a payment crisis engulfed one of the group firms, National Spot Exchange Ltd (NSEL). Further, T C Nair ceased to be a director with effect from the date of the company’s annual general meeting, the company added in its announcement.

Venkat Chary was for the past 10 years non-executive, independent director and chairman of MCX, said the company announcement. According to recent reports, he quit as the chairman of the commodity exchange in accordance with a new guideline under which persons over 70 years of age were barred from holding a position on the board.

The company in a filing with the exchanges said Chary, a former civil services officer, was the chairman of Indian Energy Exchange Ltd, Global Board of Trade, Mauritius, and Africa’s first multi-asset exchange.

R J Kochar, a former judge of the Bombay High Court who retired in October 2003, is doing arbitration work as assigned by the high court and various parties. Having 30 years of experience in the legal fraternity, he has written several articles, added the company.

The economic offences wing of the Mumbai police has searched NSEL premises and two executives have been arrested in connection with the payment crisis.