Supreme Court directs IEX to pay up Rs 31 crore to FTIL

The Supreme Court of India recently passed a judgment directing the India Energy Exchange (IEX) to provide FTIL with its due accrued dividend. The Financial Technologies (India) Limited (FTIL), founded by Jignesh Shah, is to receive approximately Rs31 crore within two weeks from the order date.

FTIL,Jignesh Shah,Financial Technologies Group

Founder Jignesh Shah had introduced next-generation exchange trading solutions in the global financial market with the launch of FTIL. This earned him lot of accolades, and one among them is the ‘Innovator of Modern Financial Markets’. The endeavors, till date, for creating comprehensive transaction-intensive business models are consistent and the management is confident of its bright future.
Venkat Chary, Joint Chairman of FTIL, stated, “We are happy that we were able to secure the rights of our shareholders and recovered the amount which was due to us as dividend from IEX.”

Chary seemed optimistic about the development, and added, “We are hopeful that the judiciary will allow us to share this amount and other such payments with its rightful owners – our shareholder – once another case impeding the sharing of dividend by FTIL to its shareholders is decided by the Court of law.”

IEX has been the leader in hosting an automated, transparent, and demutualizedplatform to industries in the electricity market. Numerous industrial giants and private generators across India leverage IEX’s platform. FTIL was one among them.

The dissociation in terms of stake, however, occurred on November 19, 2015. The case was heard by Justice A.K Sikri and Justice Prafulla Panton February 9, 2016. The bench of justices at the apex court said, “The applicant/appellant (FTIL) wants that the dividends which are declared by (IEX) be paid to the applicant/appellant in respect of the shares held by it…”

Indian minister and former lawyer Kapil Sibal, along with senior advocate Vikas Singh, represented FTIL for the legal proceedings before the Tribunal.

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