Leading commodity bourse MCX on Wednesday said Joseph Massey, who was the only eligible candidate for reappointment as a director, has withdrawn his consent.
New Delhi: Leading commodity bourse MCX on Wednesday said Joseph Massey, who was the only eligible candidate for reappointment as a director, has withdrawn his consent.
After withdrawing his reappointment bid, Massey said he will vacate office on September 30, according to a BSE filing.
Meanwhile, MCX has appointed two independent directors R M Premkumar and Ravi Kamal Bhargava as Chairman of the Board and Chairman of the Audit Committee, respectively.
Both the directors are retired IAS officers and nominated on the bourse's board by the commodity market regulator Forward Markets Commission (FMC), the exchange said in the filing.
On September 19, MCX had issued a revised notice for the annual general meeting. It also said as per latest FMC norms, Venkat Chary, C M Maniar and Shvetal Vakil ceased to be directors of the exchange with effect from August 31, 2013, and director Joseph Massey is only eligible for reappointment.
The AGM of MCX is scheduled to be held on September 30.
On August 12, the FMC revised the guidelines for constitution of the Board of Directors for better corporate governance practice.
As per the new norms, the board of the commodity exchanges should have independent directors, not less than 50 percent of the strength of the board. Four independent directors should be appointed by the FMC and the rest by the exchange with prior approval from the regulator.
The remaining posts of directors of the board may comprise of shareholder directors. Whereas the managing director should not be included in the category of independent directors or shareholder directors, but should be an ex-officio director of the board.
The chairperson of the board of directors should be an independent director appointed by the FMC. The persons to be appointed as directors should satisfy the criteria of "fit and proper person".