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Financial Technologies in talks with investors for out of court settlement: Report

19 Feb 2014

Financial Technologies India (FTIL) is reportedly in talks with investors for out of court settlement. It is believed that the company may pay more than Rs 1100 crore to investors, out of which Rs 400-500 crore would be raised by pledging some of its assets. However, while investors of NSEL, company promoted by Jignesh Shah-led FTIL, has raised doubts over company’s chief, Jignesh Shah’s ability of settlement, the out of court stance of the company would definitely be challenged by its own shareholders.

Nevertheless, settlement is likely precursor to Shah’s selling stake in FTIL, MCX, the potential suitors of which include Tech Mahindra & L&T Infotech, who definitely would want to acquire company with limited liability. FTIL’s chief stake sale plans come after Forwards Markets Commission (FMC)‘s directive to FTIL for reducing stake in MCX to 2% from 26%.

Financial Technologies is a flagship company of the Financial Technologies Group. It provides technology solutions and domain expertise for digital transactions and financial markets across all asset class including equity, commodities, currency and debt.

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