NSEL crisis: Jignesh Shah under spotlight after, ex-CEO Anjani Sinha recants, blames board

Oct 19 2013, 15:31 IST
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Anjani Sinha's statement assumes significance as the Jignesh Shah-led NSEL board has been trying to distance itself from the crisis. Anjani Sinha's statement assumes significance as the Jignesh Shah-led NSEL board has been trying to distance itself from the crisis.
SummarySpotlight now on promoter Jignesh Shah, other directors in the NSEL payment crisis.

to take crucial decisions and that the board and the promoters were responsible for the lack of proper risk management and other systems.

Joseph Massey, an NSEL board member, was also called to the EOW, after which Anjani Sinha was questioned in the presence of Massey. Sources say this was done with a specific motive of corroborating some of the statements made by Anjani Sinha.

ďThe allegations made by the accused against the NSEL board members including Jignesh Shah and Joseph Massey should not be taken at face value. The matter is under investigation and we cannot comment further,Ē said an NSEL spokesperson.

Meanwhile, the Forward Markets Commission has given Financial Technologies India Ltd (FTIL), NSELís parent, until October 31 to respond to the show-cause notice issued by it questioning the Ďfit & properí status of the board of directors and the promoters.

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