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The Company is distressed at the arrest of its CMD, Mr. Jignesh Shah by the Mumbai Police, despite Mr. Shah co-operating fully not only with the Mumbai Police but also with all other authorities, ever since the NSEL crisis surfaced in August 2013. The Company has full faith in the judicial system and is confident that Justice will be done in the case of Mr. Shah. The Company will continue to extend its full co-operation and support to all the authorities.
In the meanwhile, the Board at its meeting held today, has decided that Mr. Venkat Chary, independent non-executive director shall be Independent, Non-Executive Chairman of the Board. In the interim, the existing two Whole-Time Directors of the company shall be in charge of the day to day affairs.
As informed earlier, the Board will meet on the 10th of May 2014 to take stock of the divestment in MCX.
The Board would like to assure all the customers, employees, shareholders and stakeholders that the functioning of the Company shall be carried out as business as usual and the interest of all shall be duly protected.
