PALAK SHAH
An extension of term to Narendra Ahlawat, MD and CEO of MCX Clearing Corporation (MCX CC), is under discussion. His three-year term is to end in mid-2021 but has come up for renewal early because Ahlawat’s 2018 appointment as MD and CEO of MCX CC has been pending ratification as per the Companies Act.
In January,
BusinessLine reported that Ahlawat’s current appointment was erroneous as it was required to be ratified in the immediate EGM or the annual general meeting. This did not happen.
MCX CC is a fully owned arm of Multi Commodity Exchange (MCX. According to sources, there is a view within MCX that granting an extension to Ahlawat has legal complications. PS Reddy, MD and CEO of MCX, has sought SEBI’s opinion in the matter, the sources said.