FT shareholders find AGM a disappointment

Last Updated: Wed, Sep 25, 2013 20:45 hrs

The 25th annual general meeting (AGM) of Financial Technologies Ltd, promoter of crisis-ridden National Spot Exchange Ltd (NSEL), saw a fair amount of turmoil inside and outside the venue, though it finally didn’t amount to anything substantial.

Chairman Jignesh Shah managed to get into the heavily guarded venue without anyone noticing, including some protesting NSEL investors.

Some of the shareholders who attended left while the meet was still on, complaining of anodyne answers from the management and not being able to ask all their queries, either.

Shah, speaking on the sidelines of the AGM, told reporters he’d come to the city to give confidence to the shareholders.

Some said they questioned him on the operations and alleged irregularities but did not get convincing answers.

Shah, it appears, told the meeting that taking recourse to the courts was unlikely to solve their problem of getting their money back. He said it can be solved through continued persuasion and by taking the investors’ forum into confidence, said one.

While 50 per cent of the directors in the board should be independent ones, this representation was only 30 per cent, as two of the directors who attended promoters, said another.

Adding, “We raised it in the annual general meeting, but he did not give a proper response."

“I asked the directors whether they could come up with a new audit report ready for discussion in another three months but there was no answer,” said an investor.

“There is no point in attending further, as they have deferred most of the resolutions,” explained another.

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