Joseph Massey to quit as MCX director

MCX appoints R M Premkumar as interim chairman

Joseph Massey, MD and CEO of MCX-SX has withdrawn his request for re-appointment as director of Multi Commodity Exchange (MCX).

In a filing to the exchanges, MCX said that Massey has withdrawn his consent for re-appointment as director which he had applied for earlier. The announcement to withdraw his request was made at MCX's annual general meeting on Sept 24, said the notice. Massey is expected to vacate his office as director of MCX with effect from the close of business hours on Sept 30.

The notice also said that retired IAS officer and FMC-nominated independent director R M Premkumar has been appointed chairman of the company's board till the reconstitution of the board is done in accordance with FMC guidelines. Similarly, retired IAS officer Ravi Kamal Bhargava has been appointed chairman of the audit committee.

These announcements come amidst the announcement by the auditors of FTIL, the holding company of MCX, that the FY-13 financial results of the company cannot be relied upon.

The company has been mired in controversies for the last two months ever since NSEL, another FTIL-owned exchange defaulted on its payments. FTIL is to hold its annual general meeting today in Chennai.

Meanwhile, NSEL defaulted yet again on its sixth payment schedule on Tuesday. It disbursed Rs 11.45 crore to its investors as against Rs 174.72 crore committed earlier through weekly settlement calendar.

On Tuesday, the stock of MCX ended the day at Rs 440.25 per share, while FTIL ended the day at Rs 171.35 per share.