The development comes on the heels of private equity firm India Value Fund Advisors (IVFA) taking management control of the company.
In a bid to strengthen its board, National Bulk Handling Corporation (NBHC) has appointed Dr Vijay Kelkar as Chairman and an Independent Director and Dr Ajay N Shah as an Independent Director.
The developments come on the heels of private equity firm India Value Fund Advisors (IVFA) taking management control of the company. NBHC was the warehousing arm of Financial Technologies India Ltd (FTIL) Group, the troubled promoter of the scam-ridden National Spot Exchange Ltd (NSEL). FTIL sold NHBC to IVFA as part of its strategy to exit non-core areas post the NSEL scam, which broke out in July last year.
Kelkar, who was awarded Padma Vibhushan, the second-highest civilian award in January 2011, was the chairman of the Finance Commission until January, 2010. Prior to that, he was advisor to the Minister of Finance (2002–2004), and is known for his role in economic reforms in India. He was also the finance secretary in 1998-1999.
Shah is a distinguished economist as well as a former consultant with the Department of Economic Affairs, Ministry of Finance.
Speaking on these appointments, Anil Choudhary, managing director and CEO, NBHC, said: "We welcome the appointments of these two eminent professionals to our board. These appointments will significantly enhance the breadth and depth of experience on our board and help build further confidence not only in NBHC but also in the entire agri-supply chain. Their collective experience will help the company to harness the potential of the agri-warehousing industry."
Kelkar believes India needs a strong fillip in the agri space and strong organizations need to be built in agri-value chain. According to him: "NBHC has always been a strong player in the agri-warehousing sector and is well poised to tap the immense potential of the market. I look forward to this association and aim to use my experience to help the company grow and provide direction to its efforts."
Since its takeover by India Value Fund Advisors early this year, NBHC has appointed four partners from the new parent company on its Board - Divya Sehgal, Srikrishna Dwaram, Vikram Nirula and Pramod Kabra.
"We are excited at the opportunity presented by agri-warehousing and NBHC's dominant position in the market. IVFA is confident that with these appointments the company will further enhance its strong position in the marketplace to the benefit of all its stakeholders," said Divya Sehgal, Partner, IVFA.
Financial Tech stock price
On August 21, 2014, Financial Technologies closed at Rs 255.00, up Rs 11.45, or 4.70 percent. The 52-week high of the share was Rs 403.60 and the 52-week low was Rs 102.05.
The latest book value of the company is Rs 531.33 per share. At current value, the price-to-book value of the company was 0.48.
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