Monday, September 01, 2014
Financial Technologies Ltd
24 August 2014: Jignesh Shah, founder and promoter of Financial Technologies Group, who was out of action following the Rs 5,500- crore National Spot Exchange scam, has secured bail.
Shah's high-profile friends may have deserted him, but his core team-his friend and cofounder of Financial Technologies Dewang Neralla, brother Manjay Shah and cousin Paras Ajmera-is said to be conducting business in his absence.
In fact, insiders say it is Ajmera, who is carrying out all crucial behind-the-scene operations. Some in the market believe that Ajmera is a master strategist and close to the broking fraternity.
Such is Ajmera's hold that he is said to have even controlled the salary of every employee in the company. Last November, Ajmera resigned as a director from the Board of MCX, but sources say he was the architect in signing the deal with Kotak Mahindra Bank for selling Financial Technologies' 15-per cent stake in the Exchange for Rs 459 crore.
Courtesy: Mail Online