Business Companies 22 Sep 2016 ED attaches FTIL's m ...

ED attaches FTIL's mutual funds worth Rs 307 cr

PTI
Published Sep 22, 2016, 2:56 pm IST
Updated Sep 22, 2016, 2:56 pm IST
Earlier this week, CBI arrested FTIL promoter Jignesh Shah in MCX-SX cheating case.
FTIL is in crisis following the Rs 5,600 crore payment default at its subsidiary NSEL in August 2013 affecting 13,000 investors.
 FTIL is in crisis following the Rs 5,600 crore payment default at its subsidiary NSEL in August 2013 affecting 13,000 investors.

New Delhi: The Enforcement Directorate, Mumbai, has attached Rs 306.70 crore worth assets belonging to Jignesh Shah-promoted Financial Technologies India Ltd (FTIL).

In a filing to the BSE, FTIL said: "The company has received a provisional attachment Order from the Directorate of Enforcement, Mumbai, attaching mutual funds amounting to Rs 306.70 crores."

 

The company is taking appropriate steps in consultation with its legal counsel, it added.

Earlier this week, CBI arrested FTIL promoter Jignesh Shah in a case of alleged cheating and suppression of facts in getting SEBI extension to MCX-SX to continue as a private stock exchange in violation of norms.

FTIL is in crisis following the Rs 5,600 crore payment default at its subsidiary National Spot Exchange Ltd (NSEL) in August 2013 affecting 13,000 investors.

Earlier this year, the government had odered a merger of scam-hit NSEL with its parent FTIL. The merger will allow for settlement of Rs 5,600 crore dues of the now-defunct exchange.

 

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Location: India, Delhi, New Delhi




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