Aug 23 2014, 01:22 IST
SummaryThe Bombay High Court on Friday granted bail to Jignesh Shah, the promoter of Financial Technologies (FTIL), and one of the prime accused
The Bombay High Court on Friday granted bail to Jignesh Shah, the promoter of Financial Technologies (FTIL), and one of the prime accused in the Rs 5,600-crore National Spot Exchange (NSEL) scam that came into light in August 2013.
Shah was in custody for more than 100 days after the Economic Offences Wing (EOW) of the Mumbai police charged him with forgery and criminal conspiracy among other charges. FTIL is the holding company of NSEL.
In his final order on the bail hearing, Justice AM Thipsay said Shah would be required to appear before the investigating officers of EoW twice a week, on Monday and Thursday between 11 am and 1 pm until further orders. Shah's bail surety is kept at Rs 5-lakh cash and he has been told to furnish an additional solvent surety of an equal amount within 2 weeks.
Shah and his aide Shreekant Javalgekar, former chief financial officer of FTIL, were booked under Maharashtra Protection of Interests of Depositors (MPID) Act and were taken into custody on May 7, 2014. While Javalgekar was granted a bail by the MPID court on June 24, Shah�s bail plea was rejected after which he approached the Bombay High Court.
Shah was arrested nine months after the FIR against NSEL directors and key persons was filed on September 30, 2013, as EOW found him to be evasive during numerous interrogation that took palce in this period.
In the first week of August, EOW submitted a second chargesheet in the NSEL case, which highlighted the role of Jignesh Shah in the scam. Besides questioning the role Shah played as the head of the audit committee at NSEL, it accused Shah of arranging corporate guarantee of R14 crore for NK Proteins, the largest NSEL defaulter that owed R970 crore when the scam emerged.
It states that despite having full knowledge of financing activities undertaken at NSEL, Shah �deliberately misinterpreted that the trading on NSEL was safe and smooth activity offering highest level of safety for participants�.
EOW has booked Shah under Sections 409, 465, 467, 468, 471, 474, 477(A), 120(B) of Indian Penal Code and sections 3 & 5 of MPID Act.
SAT asks FTIL to approach Sebi for more time
The Securities Appellate Tribunal (SAT) has asked Jignesh Shah-promoted Financial Technologies to approach Sebi seeking extension of time for divesting existing holdings in MCX-SX and four other entities.
SAT,
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