Crisis-hit NSEL's promoter entity Financial Technologies India Ltd (FTIL) paid a total amount of Rs 21.56 crore to its three executive directors in the last fiscal, up from about Rs 17.87 crore in the previous year. Besides, the three directors also got Rs 6.77 crore as dividend payment in 2012-13, although this figure was unchanged from the preceding financial year, as per FTIL's latest annual report.
National Spot Exchange Ltd (NSEL), in which Financial Technologies India Ltd holds over 99 per cent stake, has been engulfed in a major payment crisis ever since trading was halted there in late July after a government direction.
A number of agencies are looking into the matter, including those under the Consumer Affairs Ministry, Finance Ministry and the Corporate Affairs Ministry.
According to FTIL's annual report, its three executive directors — Jignesh Shah (chairman and managing director), Dewang Neralla and Manjay Shah — were paid remuneration totalling Rs 21.56 crore in the fiscal ended 31 March, 2013. While the dividend payment to these three remained unchanged, the payout to La-fin Financial Services (La-fin), a promoter group entity, rose to Rs 9.86 crore, from Rs 9.83 crore in the previous year.
Recently, Deloitte had withdrawn its audit report certifying accounts of Financial Technologies India Ltd for fiscal 2012-13 in the wake of NSEL payment crisis. The Economic Offence Wing of Mumbai Police had searched the offices and residences of NSEL's promoters, directors and defaulting brokers.
Besides NSEL, FT group has also promoted stock exchange MCX-SX and commodity bourse MCX.According to annual report of MCX, its managing director and chief executive officer (CEO), Shreekant Javalgekar, was paid a remuneration of Rs 1.34 crore during 31 March, 2013 fiscal period. He was appointed as MD and CEO on 1 July, 2012, for a period of three years.
National Spot Exchange Ltd (NSEL), in which Financial Technologies India Ltd holds over 99 per cent stake, has been engulfed in a major payment crisis ever since trading was halted there in late July after a government direction.
A number of agencies are looking into the matter, including those under the Consumer Affairs Ministry, Finance Ministry and the Corporate Affairs Ministry.
According to FTIL's annual report, its three executive directors — Jignesh Shah (chairman and managing director), Dewang Neralla and Manjay Shah — were paid remuneration totalling Rs 21.56 crore in the fiscal ended 31 March, 2013. While the dividend payment to these three remained unchanged, the payout to La-fin Financial Services (La-fin), a promoter group entity, rose to Rs 9.86 crore, from Rs 9.83 crore in the previous year.
Recently, Deloitte had withdrawn its audit report certifying accounts of Financial Technologies India Ltd for fiscal 2012-13 in the wake of NSEL payment crisis. The Economic Offence Wing of Mumbai Police had searched the offices and residences of NSEL's promoters, directors and defaulting brokers.
Besides NSEL, FT group has also promoted stock exchange MCX-SX and commodity bourse MCX.According to annual report of MCX, its managing director and chief executive officer (CEO), Shreekant Javalgekar, was paid a remuneration of Rs 1.34 crore during 31 March, 2013 fiscal period. He was appointed as MD and CEO on 1 July, 2012, for a period of three years.