FY'13 consolidated result after finalising NSEL accounts: FTIL

Financial Technologies will announce its auditied consolidated financial statements for the year ended March 2013 only after finalising the accounts of crisis-hit NSEL and its subsidiaries.
Financial Technologies (India) Ltd (FTIL) is the flagship firm of Jignesh Shah group, which is grappling with Rs 5,600 crore payment crisis at National Spot Exchange Ltd (NSEL).
"As soon as NSEL and its subsidiaries accounts are finalised, audited and approved, your company will announce the Consolidated Financial Statements of the Company, as soon as possible thereafter and will intimate the same to the stock exchanges," FTIL said in a regulatory filing to the BSE.

FTIL's clarification came in response to a query from the exchange regarding its annual results for 2012-13.
"Company will also upload such consolidated financial statements on the company's website.
"In compliance with the Ministry of Corporate Affairs (MCA) circular, your company will make available consolidated financial statements along with section 212 statement (including NSEL and its subsidiaries) upon written request by any shareholder of company interested in obtaining the same at any point of time subsequent to finalisation of such consolidated financial statements" the filing said.

The continuing crisis at NSEL has also sparked off a series of regulatory interventions that has thrown spotlight on the group's various other ventures, including MCX, MCX-SX and IEX.

Forward Markets Commission (FMC), in December last year had ruled that FTIL and Shah were not 'fit and proper' to run any commodity exchange. The order has been challenged in the court.
Last month, capital market watchdog Sebi ruled that FTIL is not a "fit and proper person to acquire or hold any equity share or any instrument that provides for entitlement for equity shares or rights over equity shares at any future date, in a recognised stock exchange or clearing corporation.