FTIL hopes for Justice
Prashant Desai in an exclusive interview with ET NOW expressed his views about the impact of the order by Economic Offences Wing (EOW) to freeze the assets and cash balance of FTIL on the day-to-day operations of the company. He clearly mentioned that FTIL has no significant impact on its day-to-day operations, and there is no way the operations can be hampered or threatened. Addressing the media, Prashant Desai revealed that FTIL and Jignesh Shah are very cooperative to EOW and the investigation agencies. They have been available whenever EOW required them for further investigations.
FTIL has immediately responded to the letter received from EOW Mumbai, and they have challenged it in the Mumbai high court that has stayed the letter. Though the EOW sent another letter, FTIL will file a new application to challenge EOW. The operations and the activities of FTIL are not impacted at all. Currently, the legal expenses for Jignesh Shah are at 2% of the balance sheet.
The company firmly believes in law and FTIL hopes for a fair course of justice. The business operates as usual, and it is expected to grow 12 to 15 % in the Financial Year 2017. The order issued by EOW does not trigger any panic among the management and the employees. The employees feel safe at FTIL, and they show their support by voicing their concerns.
FTIL cooperates with The National Company Law Tribunal (NCTL) interim order. A five-member committee is appointed to monitor the sale of investments of FTIL, and the government is supportive and has further appointed nominees to co-ordinate.