Judgment on Shah's bail plea likely on Tuesday

Judge says more time needed to pay attention on too many submissions

Jignesh Shah, chairman of Financial Technologies (India) Ltd and Shreekant Javalgekar, former MD & CEO of Multi Commodity Exchange, will have to stay at least two more days in jail owing to the delay in the pronouncement of the judgment on their bail plea. The order was expected to be pronounced on Saturday, but sessions court judge justice D P Surana sought two days’ extension for the same.

“I am in the process of dictating the order, which will take time. There are too many submissions that require attention. Hence, we require some more time... we will pronounce the order on Tuesday (June 24) second half,” said the judge. Shah and Javalgekar were arrested on May 7 by the economic offences wing of Mumbai police in connection with Rs 5,600-crore payment crisis at FTIL subsidiary National Spot Exchange Ltd (NSEL).

On June 18, the court had ordered NSEL to issue a public notice against its defaulters along with their contact details, photographs and amount borrowed by them. NSEL has already finalised the draft and is set to begin the advertisement campaign soon.

N K Proteins is NSEL’s largest defaulter with Rs 944.59 crore outstanding out of its total dues of Rs 969.89 crore, followed by Mohan Group which owes Rs 879.24 crore to NSEL (as of 21 June).

According to industry sources, most of NSEL’s 24 defaulters had diverted funds to real estate, film production and allied business.