)
Shares of Financial Technologies (India) have zoomed 15% to Rs 194 on the National Stock Exchange (NSE) on heavy volumes.
The stock opened at Rs 171 and touched high of Rs 199 on the NSE. Till 1512 hours, a combined 4.47 million shares already changed hands against an average of less than one million shares that were traded daily in past two weeks on the NSE and BSE.
Financial Technologies (India) has proposed a settlement plan to meet the payment obligations of the Rs 5,600 crore payment default at National Spot Exchange Ltd (NSEL).
The company said, the without prejudice proposal is based on the principles of moving on the path of resolution.
About 94% of the trading clients can receive between 50% to 100% of their claims approximately within 3-4 weeks of all legal formalities being completed. The balance 7% trading clients can receive their claims approx. within 3-4 months from amounts recovered from Defaulters, it added.
Financial Technologies (India) in a BSE filing said that the company through its legal advisors, Amarchand Mangaldas & Suresh C. Shroff and Co. (AMSS) has submitted a “without prejudice” proposal to Ministry of Finance, Government of India on 13th March, 2015.
The proposal is made in the spirit of being fair, equitable and just to all parties and in the interest of 63,000+ shareholders of the FTIL. The proposal is subject to the approval by not just all the parties but also FTIL’s Board and shareholders, it added.
The stock opened at Rs 171 and touched high of Rs 199 on the NSE. Till 1512 hours, a combined 4.47 million shares already changed hands against an average of less than one million shares that were traded daily in past two weeks on the NSE and BSE.
Financial Technologies (India) has proposed a settlement plan to meet the payment obligations of the Rs 5,600 crore payment default at National Spot Exchange Ltd (NSEL).
The company said, the without prejudice proposal is based on the principles of moving on the path of resolution.
About 94% of the trading clients can receive between 50% to 100% of their claims approximately within 3-4 weeks of all legal formalities being completed. The balance 7% trading clients can receive their claims approx. within 3-4 months from amounts recovered from Defaulters, it added.
Financial Technologies (India) in a BSE filing said that the company through its legal advisors, Amarchand Mangaldas & Suresh C. Shroff and Co. (AMSS) has submitted a “without prejudice” proposal to Ministry of Finance, Government of India on 13th March, 2015.
The proposal is made in the spirit of being fair, equitable and just to all parties and in the interest of 63,000+ shareholders of the FTIL. The proposal is subject to the approval by not just all the parties but also FTIL’s Board and shareholders, it added.
