FTIL appoints Venkat Chary as its non-executive chairman

May 08 2014, 23:40 IST
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SummaryThe troubled Financial Technologies India Ltd (FTIL) elevated Venkat K Chary as the Non-Executive Chairman of its Board here today.

The troubled Financial Technologies India Ltd (FTIL) elevated Venkat K Chary as the Non-Executive Chairman of its Board here today.

The development came after the arrest of FTIL's promoter Jignesh Shah yesterday by the Mumbai police for his alleged role in the Rs 5,600-crore National Spot Exchange Ltd (NSEL) scam.

In a hurriedly called board meeting today evening, the company decided to appoint Venkat Chary who is already an independent director of the company.

The board also approved handing over of powers to two whole-time directors to manage the company's day-to-day affairs, the company said in a statement without naming them.

In a statement issued here today, the company said that it is distressed at the arrest of its CMD, Jignesh Shah by the Mumbai Police, despite his full co-operation not only with the Mumbai police, but also with all other authorities, ever since the NSEL crisis surfaced in August 2013.

"The company has full faith in the judicial system and is confident that justice will be done. The company will continue to extend its full co-operation and support to all the authorities," FTIL said in its statement.

The Board will meet again on May 10 to take stock of the divestment in MCX, the statement said.

"The Board would like to assure all the customers, employees, shareholders and stakeholders that the functioning of the company shall be carried out as business as usual and the interest of all shall be duly protected," the statement said.

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