The performance of Financial Technologies India (FT) should not be judged by the payment crisis and alleged frauds at the National Spot Exchange (NSEL), according to Jignesh Shah, its Chairman and Managing Director.
Addressing an unscheduled meeting of presspersons, Mr. Shah said that he had assured shareholders at the annual general meeting held here on Wednesday that FT would demonstrate its commitment despite being a victim to the happenings at the NSEL. Mr. Shah said the company, along with investor forums, would go after the 23 planters to recover the maximum money due by them to NSEL. He said he was already having dialogues with several investors for the past 45 days, and was scheduled to meet the investors’ forum in Chennai. It was important that small investors who had put in their hard-earned money were safeguarded, he said.
At the annual general meeting, it was decided to restate the accounts for 2012-13 with the existing auditors Deloitte, Haskins & Sells. Though no timeframe was fixed, he said there would be another meeting of shareholders to ratify the accounts. Quizzed on the impact of NSEL crisis on the profits of FT, Mr. Shah said it would be known only after the audit was recast. Asked whether the dividend already announced would be cut, Mr. Shah said that FT, with a base of 55,000 shareholders, was paying dividends continuously for 36 quarters. “It is my wish to continue paying dividend. But it all depends on the decision of board of directors,” he said.
Mr. Shah also categorically denied diluting stake in Financial Technologies.
Mr. Shah said though he had attended one or two AGMs held in Chennai, this time he wanted to be here and meet the shareholders to demonstrate the company’s commitment and bonafide. A company, which was enjoying reputation of highest value, lost it due to crisis at NSEL. “But we need to stand up to the crisis,” he said.