FTIL Chairman and Group CEO Shah was arrested today by the economic offences wing of the Mumbai police for his alleged involvement in the Rs 5,600-crore payment crisis at group company National Spot Exchange (NSEL).
Financial Technologies India Ltd (FTIL) has called a board meeting tomorrow to discuss the arrest of its chief Jignesh Shah . "I am really shocked at Shah's arrest. The board meeting has been called tomorrow to take stock of the situation and decide about the future course of action," FTIL director and former MCX chairman Venkat Chary told PTI.
FTIL Chairman and Group CEO Shah was arrested today by the economic offences wing of the Mumbai police for his alleged involvement in the Rs 5,600-crore payment crisis at group company National Spot Exchange (NSEL).
Shah's FTIL owns NSEL, a spot commodities exchange that is under investigation by the police and regulators after struggling to settle outstanding contracts worth Rs 5,600 crore.
NSEL's payment troubles began after it was ordered by the government in July last year to suspend spot trade in most of its contracts due to suspected violations. The exchange could not settle the outstanding trades, sparking investigations by the police and regulators. FTIL blamed NSEL executives and the trading parties for the default.
There were 24 members who defaulted on payments to about 13,000 investors.
FTIL has been declared unfit by the Forward Markets Commission to run an exchange and ordered to pare its stake in Multi Commodity Exchange of India to 2 percent from 26 percent currently. It will have to divest its entire stake to meet tighter commodity exchange ownership guidelines issued yesterday by the FMC, the regulator.
Financial Tech stock price
On May 07, 2014, Financial Technologies closed at Rs 291.25, down Rs 8.7, or 2.9 percent. The 52-week high of the share was Rs 870.30 and the 52-week low was Rs 102.05.
The company's trailing 12-month (TTM) EPS was at Rs 50.03 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 5.82. The latest book value of the company is Rs 580.93 per share. At current value, the price-to-book value of the company is 0.50.
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