SENSEX NIFTY
Sep 16, 2013, 11.27 PM IST | Source: CNBC-TV18

NSEL's Jignesh Shah claims he is the victim, meets Mayaram

National Spot Exchange (NSEL) promoter met the economic affairs secretary Arvind Mayaram. After the meeting, he also admitted to have made mistakes, but promised to repay all the investors.

NSEL promoters as well as investors of  the beleaguered spot exchange met the department of economic affairs secretary Arvind Mayaram on Monday, to share their respective point of view on the saga. The series of meetings came just about two days before a special group of secretaries meets to decide on the future course of action on the issue, reports CNBC-TV18’s Rituparna Bhuyan.

NSEL promoter Jignesh Shah and his fellow FTIL director Joseph Massey were the first to meet Mayaram. Speaking to the media after the meeting, Shah said "I am the victim", implying that 23 borrowers and food processors are to blame for the ongoing problems.

Also read: Financial Tech slips post FMC's report of NSEL warehouses

Shah maintained that "no person found guilty will be spared", but insisted that the focus was currently on recovering the money from the borrowers. He also maintained that vacant posts of directors in NSEL will soon be filled.

NSEL investors’ forum, lead by its secretary Arun Dalmia told Mayaram that NSEL promoters should be booked under criminal laws. Speaking to the media, Dalmia claimed that the government will take strict action against shah and other NSEL and FTIL board members.

In fact, the forum maintained that FTIL cannot escape responsibility and properties of Shah should be seized.  "Under company law, we have pointed out to government that there is personal liability" said NSEL investor forum counsel Shuva Mandal.

Speaking to CNBC-TV18, DEA secretary Arvind Mayaram said "If there is fraud and If laws have been broken, then the guilty will be punished"

Mayaram and fellow secretaries in the special panel will deliberate on the report submitted by a working group of officials on September 18. According to sources, the working group, headed by a enforcement directorate director have found several cases of violations of money laundering and FEMA norms.

Financial Tech stock price

On August 22, 2014, Financial Technologies closed at Rs 254.20, down Rs 7.3, or 2.79 percent. The 52-week high of the share was Rs 403.60 and the 52-week low was Rs 102.05.


The latest book value of the company is Rs 531.33 per share. At current value, the price-to-book value of the company was 0.48.

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