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SumanSpeaks Independent Capital Markets & Geopolitical Intelligence  |  sumanspeaks.blogspot.com Travel & Hospitality · Turnaround Watch Easy Trip Planners At ₹5.78: The Hotel Business Is Growing Faster Than The Old Business Is Shrinking Near its 52-week low, EaseMyTrip is quietly turning into a different company than the one that listed in 2021 — and the next few quarters will decide whether that transformation shows up in the profit line. Easy Trip Planners Ltd trades around ₹5.78, with a market capitalisation of approximately ₹2,300 crore. That is close to its 52-week low of ₹5.74. At first glance, that looks like a stock the market has simply given up on. Look closer, and a more interesting picture emerges. The balance sheet is clean. Revenue is still growing. And one part of the business — hotels and holiday packa...
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Financial Tech contests CBI charges
Photo: First Biz
[Editor: Mr.Jignesh Shah, was a non-executive director of NSEL and was not involved in its day-to-day operations. Mr.Shah's lawyer Mahesh Jethmalani has reportedly argued in court that Shah had no knowledge of the crisis, saying it was perpetrated by a clutch of NSEL employees and brokers, including Anjani Sinha, former chief executive of the commodity exchange. FTIL's net profit rose 57.93% to Rs.128.24 crore on 27.43% increase in total income to Rs.216.05 crore in Q1 June 2014 over Q1 June 2013. FTIL is among the global leaders in offering technology IP (Intellectual Property) and domain expertise to create and trade on next generation financial markets. It is a global leader in creating and operating next-generation tech centric financial exchanges]
MUMBAI, AUGUST 26:  Financial Technologies has contested CBI's charges of irregularities in grant of licence last year to its subsidiary MCX Stock Exchange. The CBI had accused Financial Technologies of entering into a buyback agreement with banks while reducing its stake to meet SEBI norms.

FTIL has quoted the Bombay High Court order to clarify that the “buy-back agreement cannot be held illegal as found in the impugned order of the Whole Time Member of SEBI on the ground that they constitute forward contacts.” Hence, the accusation of CBI does not hold ground, said the company.

Promoter not liable
On the CBI indictment for not disclosing the buyback agreement to the regulator at the time of application seeking extension of the MCX-SX licence, FTIL said the application was filed by the exchange and not by the promoter-company. Therefore, the promoter is not liable for the matter, it said.

MCX-SX was set up by FTIL and its commodity exchange arm MCX and began functioning as a full-fledged stock exchange last year after a prolonged battle with SEBI.

On Monday, CBI filed FIRs against three serving SEBI officials Muralidhar Rao, Executive Director; Vishakha More, Assistant General Manager and Rajesh Dangeti, Deputy General Manager. It also filed an FIR against former Executive Director JN Gupta besides FTIL promoter Jignesh Shah for alleged irregularities aimed at obtaining a licence to operate the stock exchange.

Courtesy: The Hindu Businessline

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