Time up to cross examine Grant Thornton report: FMC to FTIL

The cross examination of Grant Thornton's audit report by NSEL concluded today. Joseph Massey, ex-board member of MCX, who was representing FTIL without his lawyer, sought more time from Forward Markets Commission on cross examination of the report.

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However, CNBC-TV18's Aastha Maheshwari learns that FMC will not be giving FTIL any more time and date for cross examination of Grant Thornton's audit report on NSEL. They are even expected to pass 'fit and proper' order in 3-4 weeks.
FTIL had sought similar permission on November 12 to cross examine the Grant Thornton report. The date was postponed from November 25 to December 3. Thus FMC did not want to delay this any further.
FT had earlier also raised 10 procedural issues with respect to the Grant Thornton report in their personal hearing with FMC two weeks back. Some of the issues were whether Grant Thornton had followed natural justice while drafting the audit report. Another issue raised by FTIL was if FMC took Grant Thornton's consent to use the report in showcause notice. According to FTIL, the  report didn’t have any statutory auditor. But since none of these issues pointed fingers at the correctness of the report or raised questions on the content of the report, sources indicate that FMC is not concerned much with FTIL's version, and is not going to give them another extension.
In addition, CNBC TV18 also learns that FMC is also going to issue showcause notice to NSEL auditors in the next one week. These auditors include E&Y on their report with respect to Geojit, Mukesh P Shah, SV Ghatalia and Associates. And FMC is also expected to conduct an overall system audit on all commodity exchanges. FMC has even represented the NSEL Investor Forum allegations to oversight committee on the removal of Jignesh Shah appointed members in MCX.