One more FTIL director resigns

Written By Unknown on Minggu, 27 Oktober 2013 | 23.25

Financial Technologies today said Chandrakant Kamdar has resigned from its board as director, amid continuing payment crisis in group firm NSEL. The company has appointed retired IAS officer A Nagarajan as additional director (non-executive and independent) on the board of the company, it said in a BSE filing.

Also Read: NSEL board, management set to face criminal charges

Nagarajan has worked as Special Chief Secretary and Development Commissioner in Tamil Nadu. Earlier on October 11, FTIL had appointed former FMC Chairman Venkat Chary and retired judge RJ Kochar as additional directors on its board, after a series of resignations of top officials in the aftermath of the Rs 5,600 crore payment crisis at its group firm NSEL.

Five directors - CM Maniar, N Balasubramanian, R Devarajan, PR Barpande and TC Nair - had quit FTIL. Another group firms MCX, MCX-SX is also witnessing churning at the top management level following the crisis at NSEL.

National Spot Exchange Ltd (NSEL), promoted by Jignesh Shah-led FTIL, is facing the problem of settling Rs 5,600 crore dues to 148 members after it suspended trade on July 31 on government direction. The bourse plans to settle the entire dues in 30 weeks time, by paying Rs 174.72 crore every week for first twenty weeks, followed by Rs 86.02 crore every week in the next ten weeks.

So far, NSEL has defaulted for 10 times and is able to settle about Rs 180 crore against Rs 5,600 crore dues.


On October 25, 2013, Financial Technologies closed at Rs 149.85, down Rs 5.25, or 3.38 percent. The 52-week high of the share was Rs 1216.95 and the 52-week low was Rs 102.05.

The company's trailing 12-month (TTM) EPS was at Rs 71.19 per share as per the quarter ended June 2013. The stock's price-to-earnings (P/E) ratio was 2.1. The latest book value of the company is Rs 580.93 per share. At current value, the price-to-book value of the company was 0.26.


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