It now appears that the former CMD of SIDBI was appointed as additional director on FT board on 22nd August but on 27th August he submitted his resignation without any explanation for this sudden exit!
Jignesh Shah-led Financial Technologies (India) Ltd (FT) appointed N Balasubramanian as additional director on 22 August 2013. However, within five days, the former chairman and managing director (CMD) of Small Industries Development Bank of India (SIDBI) resigned from the Board. Neither FT nor Balasubramanian have given any reason for this sudden exit.
In its addendum issued on 22nd August for the upcoming annual general meeting (AGM), FT mentions the appointment of Balasubramanian as an additional director pursuant to Section 260 of the Companies Act, 1956. The same addendum also mentions Ravi K Sheth withdrawing his consent for re-appointment as a director of the company.
"N Balasubramanian who was appointed as an Additional Director pursuant to Section 260 of the Companies Act, 1956 at the Board meeting held on 22 August 2013, and who holds office upto the date of the Twenty fifth Annual General Meeting and in respect of whom notice under Section 257 of the Companies Act, 1956 has been received proposing N Balasubramanian as a candidate for the office of Director of the Company, be and is hereby appointed as a Director of the Company liable to retire by rotation,” the notice says.
In addition, the company board also recommended appointment of Balasubramanian as director through another addendum issued on the same date.
However, the next addendum to the AGM notice, issued on 27th August, says that FT had received a letter from both Balasubramanian as well as CM Maniar, resigning from the Board. The directorships of Financial Technologies group are turning out to be a joke.
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