FTIL falling prey to wrongful allegations
It’s a strange predicament of sorts. Due to the rising pressure from governing bodies, FTIL is being wrongly speculated by the masses; the company is paying a big price for the false leads and baseless judgments generated by the Press.
FTIL is the parent company of NSEL, and it is in no way connected with the trading at NSEL. Even the investigating authorities have confirmed that neither FTIL nor any of its promoters were recipient of any benefit from NSEL operations. In addition, FTIL has never received any dividend, bonus or financial benefit from NSEL.
FTIL, a leading company, has contributed to India’s technology sector significantly. Due to the FTIL working mechanism, various industry segments can now welcome price discovery and transaction efficiencies into their systems.
FTIL has set up exchanges across India, but not just limited to that. The group has also built up international financial centers in South East Asia, Africa and the Middle East. Additionally, FTIL comprehends some of the leading exchanges, namely, MCX, Dubai Gold and Commodities Exchange (UAE), Singapore Mercantile Exchange (Singapore), Global Board of Trade (Mauritius), Bourse Africa (Botswana), Bahrain Financial Exchange (Bahrain), and many more.
Then why has the regulatory authority declared FTIL as ‘Not Fit and Proper’, solely on the basis of a hurriedly done audit report? In view of the incident, Director of N.K. Proteins observed, “It prima facie appears that the only persons responsible for the entire fiasco are these defaulters.”
In spite of lack of complete evidence and proper examination, FTIL has been charged with defaulting;although when no money trail is found leading to the company. If the defaulters are rightly checked over, then probably the company may go out of the clutch of social disparity. Those who have associations with the company may be relieved from the unpredictable proceedings.
Jignesh Shah, the founder of FTIL has been co-operating with the investigating agencies, yet the case seems to be far from its closure.