3 NSEL investors file winding up petition against FT

NSEL investors forum today held dharna outside Financial Technologies (FTIL) office at Andheri, a western suburb of Mumbai. However they couldn’t get any assurance from the company on recovery of money. Meanwhile, three investors of the NSEL are understood to have filed a winding up petition against the Financial Technologies in the Bombay High Court. These investors have exposure of Rs 225 crore together.

FTIL is the parent company of NSEL and it held 99.9% stake in the spot exchange. The court observations on this case would be crucial as if found favourable, the forum may also file a similar case, said a senior functionary at the  forum.

These NSEL investors have filed a suit against FTIL on grounds that FTIL can't escape taking limited responsibility.

Last week forum had said that they are in talks with Jignesh Shah who promoted FTIL for payment of Rs 1,200 crore but that has not yet concluded.