A 99.99 per cent question

FTIL founder and chairman have contested Sebi's charges against 13 individuals with insider trading

Financial Technologies (FTIL) (now 63 Moons) founder Jignesh Shah and current Chairman Venkat Chary held a press conference, contesting an order of the Securities and Exchange Board of India charging 13 individuals with insider trading. The conference became a stormy affair, with mediapersons asking tough questions about the Rs 5,600-crore National Spot Exchange (NSEL) default. To a question on how FTIL kept everyone in the dark with what was happening at its fully-owned subsidiary NSEL, the 77-year-old Chary said, “It’s not a fully-owned subsidiary, it is a 99.99 per cent subsidiary.” His answer left most people present at the event scratching their heads trying to figure out the difference between the two.