Stock exchange director found ‘drunk’,loses one post,other hangs in balance

A three-member team led by lawyer Kamlesh Shah has been appointed to take action in case Koyani failed to reply to the showcause notice within 10 days from Wednesday.

“Koyani has been removed from the post of executive director with immediate effect. This has been done to keep the SKSE image intact,’’ said the board members.

On Sunday night,Koyani,along with three other friends,was arrested by a team of Rajkot police patrolling squad. According to the police,Koyani and other three were found in a drunken state. The alcohol consumption has been prohibited in Gujarat.

The four had to spend one night in a police lock-up. They were released on bail on Monday.

“A showcause notice has also been served to Koyani asking why he should not be removed from his post. Koyani is supposed to reply to the board within 10 days,’’ said a board notice.

The board has taken the Koyani’s arrest issue seriously as he was driving an official car.

When contacted Koyani claimed that he was a victim of groupism. He,however,maintained that he would react only after receiving the showcause notice. “I haven’t received the notice yet. I will read and reply accordingly,” Koyani told Indian Express.

According to sources,the board has also asked the search committee to look into the past affairs and check for any scam by Koyani during his tenure with the SKSE.