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Jignesh Shah planning to sell stake, says NSEL Investor Forum

Sep 15 2013, 11:22 IST
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Jignesh Shah, chairman, Financial Technologies Group. (Reuters) Jignesh Shah, chairman, Financial Technologies Group. (Reuters)
SummaryShah is likely to grant the prospective investor a preemptive right over the assets of FTIL.

The NSEL Investor Forum has, in a letter addressed to Jignesh Shah, chairman, Financial Technologies Group, alleged that Shah is at an advanced stage of discussions to sell a significant part of his stake in Financial Technologies India Limited (FTIL).

ďWe have reliably learnt that Shah is currently in advanced discussions with a prospective investor for sale of substantial part of his shareholding in FTIL,Ē Arun Dalmia, secretary, NSEL Investor Forum said in the letter.

The groupís spokesperson, however, denied any such move by Shah. The letter further alleges that Shah is likely to grant the prospective investor a preemptive right over the assets of FTIL including its shareholding and interest in subsidiary companies. This comes two days after the Securities and Exchange Board of India gave conditional renewal to MCX-SX - the stock exchange of the group - which led to a 50 per cent rally in the shares of FTIL from a closing of Rs 144.8 on Tuesday (September 10) to close at 217 on Thursday. On Friday, however, the shares fell by 8.4 per cent to close at Rs 199.2.

Calling the settlement crisis at NSEL a fraud, Dalmia in the letter had also alleged that a well scripted fraud was perpetrated by FTIL along with its board of directors and senior management of NSEL.

FMC directs bourses to broaden boards

MUMBAI: The Forward Markets Commission has asked six national commodity bourses to give shareholders a broader representation on their boards in order to improve the corporate governance structure. FMC also directed bourses not to allow its members to offer any scheme that lures investors with a promise of assured returns and portfolio management services (PMS). In its first directive after coming under the finance ministry, the FMC said the anchor investor should have representation on the exchangeís board proportionate to the shareholding. PTI

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