A former non-executive director of Financial Technologies (India) Limited (FTIL) was prevented from boarding an international flight, following instructions from the city police's economic offences wing (EOW). The incident happened earlier this week.
According to an official, Chaitan Manbhai Maniar, 78, a senior advocate and a former director of the FTIL, had reached the Mumbai airport but "authorities refused to allow him" to take the flight.
A senior official at the Mumbai EOW confirmed the development. "The persons named in the 'look out notice' cannot leave the country. If at all they want to do so, they have to first move the court," he said.
In the first week of October, EOW had issued a look out notice against FT promoter Jignesh Shah and others named in the complaint filed by a Mumbai-based investor.
The EOW had registered complaints against board members, promoters and borrowers of National Spot Exchange Limited (NSEL), a FTIL subsidiary, which had failed to pay investors' dues of about Rs 5,600 crore.
Maniar told Business Standard: "I am no longer associated with any of the Financial Technologies group companies. I was never on the board of NSEL and was a non-executive director of FTIL."
On August 28, FTIL had informed the exchanges that Maniar had resigned. Two days later, he resigned from the board of MCX, too, following directives from the Forward Markets Commission.
