Commodity bourse NMCE's founder Kailash Gupta today accused former commodity market regulator FMC Chairman BC Khatua, who had passed an order labelling charges of fraud and favouritism against Gupta, of acting with vested interests to benefit others.
Gupta, who is currently Vice-Chairman of NMCE, also accused Forward Markets Commission (FMC) for posting the order on its web site, even as the matter was sub judice.
"The FMC has passed a totally biased order against me with ulterior motives to benefit others. The order has been put up on its website without mentioning that the matter was sub-judice," Gupta told PTI when contacted.
The 96-page order was passed on July 23, a week before Khatua's one-year extension of service as FMC Chairman was to end, he said, adding that the order was passed on Saturday, which is government holiday.
"What was the urgency for FMC chairman to issue order against me in a hurry. It shows he was doing on behest of others," Gupta alleged and also questioned FMC's rationale behind uploading the order when the matter was pending before the Gujarat High Court.
Gupta said that a case has been filed by Neptune Overseas through him against FMC challenging the enquiry conducted by the regulator. The next hearing is on August 17.
In the order, FMC has said it has found NMCE's founder and Vice-Chairman Kailash Gupta guilty of defrauding the exchange and "grossly abusing" his position to favour his family-run companies.
The regulator has also asked National Multi-Commodity Exchange (NMCE) to immediately file criminal case against Gupta and initiate process to recover Rs 36 crore and any other illegal payment from him.
Gupta was heading Ahmedabad-based NMCE as Managing Director and CEO since its inception in 2003 till May, 2010.
