Govt plans first corporate takeover post-Satyam

October 27, 2014 08:50

The government is considering a proposal to supersede the management of Jignesh Shah-promoted Financial Technologies (India) Ltd, a company that develops software for stock and commodity exchanges.

If undertaken, this would be the second such takeover forced by the government in recent corporate history after Satyam Computer Services Ltd in January 2009.

Jignesh Shah and FTIL are currently being investigated by the Mumbai Police Economic Offences Wing for their role in the Rs 5,600-odd crore default by FTILs subsidiary National Spot Exchange Ltd (NSEL).

According to the proposal, post-management takeover, the company may be handed over to financial institutions during a transition phase when the government can consider bringing in new promoters. Jignesh Shah owns/ controls 45.63 per cent in FTIL as on June 30, 2014.

Read more HERE

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