Someswara Rao Garimella has filed a petition before the Company Law Board in Mumbai to reinstate him as Managing Director of Vadodara Stock Exchange Ltd (VSEL).
He has requested the Company Law Board to pass an interim order to reinstate him as Managing Director with immediate effect and to allow him to serve his full employment term.
Capital markets regulator Sebi, in November last year, had allowed VSEL to exit the stock bourse business.
As per Sebi norms, a stock exchange, whose annual trading turnover on its platform is less than Rs 1,000 crore can apply for voluntary surrender of recognition and exit.
Following the exit, VSEL board has constituted an interim board consisting of three directors.
In his petition, Rao has said that three VSEL board directors had set aside his revocation.
According to Garimella, the three directors are not competent to take above decisions as they are elected by only half the shareholders of the exchange.
