Dear Fellow Victims, Please find below draft of a letter which you must send to the following: Mr. U.K. Sinha Chairman Securities and Exchange Board of India SEBI BHAVAN, PLOT NO.C4-A, G-BLOCK. Bandra Kurla Complex, Bandra (E) Mumbai 400 051 Mr. Rajeev Agarwal Whole Time Member Securities and Exchange Board of India SEBI BHAVAN, PLOT NO.C4-A, G-BLOCK. Bandra Kurla Complex, Bandra (E) Mumbai 400 051 Mr. Prashant Saran Whole Time Member Securities and Exchange Board of India SEBI BHAVAN, PLOT NO.C4-A, G-BLOCK. Bandra Kurla Complex, Bandra (E) Mumbai 400 051 Mr. Ashishkumar Chauhan Managing Director & CEO BSE Ltd. 25th Floor, P.J. Tower Dalal Street, Fort Mumbai – 400 001. Regards, Team NIF ------------------------------- Draft Dear Sir, Sub: Legal expenses being incurred by Financial Technologies (India) Ltd. (FTIL) I wish to bring to your attention that I am a small shareholder in FTIL. Like me there are almost 60,000 shareholders in the company. FTIL is a listed company registered with BSE, NSE and other Exchanges. I am sure you must be aware that National Spot Exchange Limited (NSEL), a company promoted and 99% owned by FTIL, is involved in a pre-planned and premeditated fraud. Basically, the architect of the fraud was Mr. Jignesh Shah, who also owns 45% stake in FTIL. The entire fraud was the brain-child of Mr. Jignesh Shah, who was Director and key management person in both the companies. EOW Mumbai Police as well as investors have taken legal against Mr. Jignesh Shah to punish him for the crime and recover approximately Rs. 5600 Crores lost by 13,000 investors. I have come to know that FTIL is paying all the legal costs to defend Mr. Jignesh Shah. So far FTIL must have paid over Rs. 40 Crores. They have engaged top most and most expensive lawyers in the country and money is being spent most generously, since Mr. Jignesh Shah does not have to pay from his pocket, but it is a money from the company. Legal costs of Mr. Jignesh Shah are going to be substantially high. This is adversely going to affect the working of the company as well as it is against the interest of the small shareholders. In the interest of protecting interests of small shareholders, you are requested to direct FTIL to stop payment of legal costs to defence Mr. Jignesh Shah. Also, all the money spent so far to defence Mr. Jignesh Shah should be recovered from him, since he has been direct beneficiary of NSEL Scam. This point has been well recorded in the Charge Sheet filed by EOW Mumbai Police and “not fit and proper Order” passed by Forward Markets Commission. You are requested to take immediate action in this connection. Thanking you, Yours faithfully,
Posted on: Thu, 21 Aug 2014 10:03:38 +0000
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