NSEL crisis: Jignesh Shah-led Financial Technologies AGM to be stormy, 'scam' bytes fly

fe Bureau Posted online: Tuesday, Sep 24, 2013 at 0000 hrs
Chennai : The forthcoming AGM of Financial Technologies India Ltd (FTIL) - India (FTIL), headed by Jignesh Shah, could well be a stormy affair. Hundreds of investors of the crisis-ridden National Spot Exchange Ltd (NSEL) will stage a protest outside the venue of the annual general meeting (AGM) of Financial Technologies, slated for September 25, in Chennai. Financial Technologies is the parent company of NSEL. The protest will be under the aegis of NSEL Investors Forum.

In a statement on Monday, the forum said the “matter appears to be another Harshad Mehta and Ketan Parekh scam combined”. On September 18, around 58 investors and 17 brokers /members of NSEL had filed a criminal complaint with the EOW, Mumbai police, against NSEL, Jignesh Shah, the board of directors of NSEL and executives of NSEL. The complaint alleged a conspiracy by the accused and violations of the Indian Penal Code involving criminal breach of trust, forgery, criminal mis-appropriation of assets and cheating.

Harshal Shah of NSEL Investors Forum told FE: “We will be protesting outside the venue. All investors and brokers who lost money will come to Chennai. Around 100 people will stage protest outside the venue and around 20 people, who are also the shareholders, will grill the Financial Technologies brass during the AGM.”

Quote: Multi Commodity Exchange of India Ltd (MCX)

He added: “We think Financial Technologies should own up responsibility and give our money back,” he added.