Salary hike for Financial Technologies group top honchos, Jignesh Shah, others pay at Rs 21 cr

Oct 04 2013, 12:24 IST
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Deloitte had withdrawn its audit report certifying accounts of FTIL for 2012-13 fiscal in the wake of NSEL payment crisis. Deloitte had withdrawn its audit report certifying accounts of FTIL for 2012-13 fiscal in the wake of NSEL payment crisis.
SummaryNSEL's promoter entity FTIL paid a total amount of Rs 21.56 cr to its three executive directors.

Crisis-hit NSEL's promoter entity Financial Technologies group paid a total amount of Rs 21.56 crore to its three executive directors as salaries in the last fiscal, up from about Rs 17.87 crore in the previous year.

Besides, the three directors also got Rs 6.77 crore as dividend payment in 2012-13, although this figure was unchanged from the preceding financial year, as per Financial Technologies' latest annual report.

National Spot Exchange Ltd (NSEL), in which Financial Technologies holds over 99 per cent stake, has been engulfed in a major payment crisis ever since trading was halted there in late July after a government direction.

A number of agencies are looking into the matter, including those under the Consumer Affairs Ministry, Finance Ministry and the Corporate Affairs Ministry.

According to Financial Technologies's annual report, its three executive directors -- Jignesh Shah (Chairman and Managing Director), Dewang Neralla and Manjay Shah -- were paid a salary totalling Rs 21.56 crore in the fiscal ended March 31, 2013.

While the dividend payment to these three remained unchanged, the payout to La-fin Financial Services (La-fin), a promoter group entity, rose to Rs 9.86 crore, from Rs 9.83 crore in the previous year.

Recently, Deloitte had withdrawn its audit report certifying accounts of Financial Technologies for 2012-13 fiscal in the wake of NSEL payment crisis.

The Economic Offence Wing of Mumbai police had searched the offices and residences of NSEL's promoters, directors and defaulting brokers.

Besides NSEL, FT group has also promoted stock exchange MCX-SX and commodity bourse MCX.

According to annual report of MCX, its MD and CEO, Shreekant Javalgekar, was paid a remuneration of Rs 1.34 crore during March 31, 2013 fiscal period. He was appointed as MD and CEO on July 1, 2012, for a period of three years.

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