 "ED attaches FTIL's mutual funds worth Rs 307 crore")
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 ordered 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.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%