What to expect from Financial Technologies AGM today

Deloitte yesterday said FY13 accounts can't be relied upon due to NSEL crisis

There was more trouble for Jignesh Shah-controlled Financial Technologies a day ahead of its 25th Annual General Meeting (AGM) scheduled for September 25, 2013 with its auditor – Deloitte Haskins & Sells – saying that the company’s results for the year ended March should no longer be relied upon given the crisis at National Spot Exchange Ltd (NSEL), a group company.

Given the development, the company has deferred passing of three items that were earlier scheduled, a release to the Bombay Stock Exchange (BSE) said.

Meanwhile, NSEL Investor’s Forum is planning a protest outside the AGM venue, asking the company to payback their dues. Around 150 investors are expected to stage a protest against the firm, which owes nearly Rs 5,600 crore to investors.

Here are some of the key items that were originally listed to be discussed and adopted at the AGM today:

To appoint M/s Deloitte Haskins & Sells, the retiring Statutory Auditors of the Company, to hold office from the conclusion of this AGM until the conclusion of the next AGM and to authorise the Board of Directors / Committee to fix their remuneration.

To appoint Directors in place of Ravi K Sheth and C M Maniar, who are retiring by rotation, and being eligible, offer themselves for re-appointment

Payment of commission to non-executive directors of the company upto 1% of the company’s net profit as computed in accordance with Sections 349 and 350 of the Company’s Act, 1956.

As recommended by the Remuneration & Compensation Committee, the Board of Directors at its meeting held on 30 July 2013 has approved and recommended the Employees Stock Option Scheme (ESOP) 2013. Accordingly, the approval of members is being sought to approve Scheme – 2013.


Click here for the full list


Click here for the release on dropped items