NSEL investors to protest at Financial Technologies AGM

Around 150 investors expected to stage protest at the venue, issue would be raised by shareholders

The National Spot Exchange Ltd (NSEL) Investors Forum is planning to conduct protest in front of the Annual General Meeting (AGM) venue of Financial Technologies Ltd, the parent company of NSEL, in Chennai on September 25, seeking the company to repay their investments.

"NSEL is a 99.9% subsidiary of Financial Technologies and it is their responsibility to repay our Rs 5,500 crore. We will be raising the issue inside and outside the AGM venue," said Harshal Shah, who is part of the Forum's Bangalore Chapter.

He added that around 150 investors are expected to stage the protest at the venue, and the issue would be raised by the shareholders in the AGM.

According to reports, NSEL has been facing a payment crisis from July, when it was not able to make payouts to the investors. The crisis grew bigger later to a payment default of Rs 5,500 crore to the investors, which made the investors across the country panic.

The investors has been conducting protest in various forums against the exchange and the company.

Around 58 investors and 17 brokers/members of NSEL has filed a criminal complaint on September 18 with the Economic Offences Wing of Mumbai Police against NSEL, Financial Technologies' Chairman and Managing Director Jignesh Shah, the board of directors, and executives of NSEL.

According to the announcement by the Forum, the complaint alleged a massive conspiracy by them and violations of the Indian Penal Code involving criminal breach of trust, forgery, criminal mis-appropriation of assets and cheating.