FTIL will file rejoinder to CLB on MCA's petition: Chairman

Written By Unknown on Rabu, 18 Maret 2015 | 23.25

Speaking exclusively to CNBC-TV18, Venkat Chary, Chairman, FTIL, termed the government allegations at the Company Law Board as frivolous and baseless.

Financial Technologies  is confident that justice will be delivered, said the company's chairman Venkat Chary as it fights the government over the proposed merger of FTIL with scam-hit NSEL.

Speaking exclusively to CNBC-TV18's Prerna Baruah, Chary termed the government allegations at the Company Law Board as frivolous and baseless.

"We are confident that judiciary will give FTIL justice. The Ministry of Corporate Affairs' (MCA) contention is that both merger and superseding FTIL board are proceedings under different sections of Companies Act. MCA believes that they are free to pursue both alternatives," Chary said, adding that the Bombay HC has directed FTIL stakeholders to raise objections on merger till March 6.

"The merger will destroy principle of limited liability of companies and foreign investments in India," Chary said, adding that the idea of asking the company to expedite stake sale in MCX was conspiracy.

According to him, even the reports suggesting incurring Rs 290 crore loss due to MCX  equity sale is baseless. "Brokers played a major role in NSEL payment default. They (brokers) should have paid investors," Chary said.

FTIL will file a rejoinder to CLB on MCA's petition Thursday.

Financial Tech stock price

On March 18, 2015, Financial Technologies closed at Rs 190.65, up Rs 0.30, or 0.16 percent. The 52-week high of the share was Rs 389.00 and the 52-week low was Rs 135.75.


The company's trailing 12-month (TTM) EPS was at Rs 17.26 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 11.05. The latest book value of the company is Rs 522.91 per share. At current value, the price-to-book value of the company is 0.36.


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