FTIL Reshuffles Board, Shah Brothers Jignesh and Manjay Exit Firm

Following the Rs 5,600 crore NSEL scam, beleaguered company Financial Technologies (India) Ltd (FTIL) has decided to start afresh with a new, revamped Board. FTIL has announced the exit of Jignesh Shah, the key accused in the NSEL scam key accused, from the board. The company has also disclosed that Shah will not hold any executive or managerial position in the Exchange firm.

The company has now appointed Prashant Desai as the new CEO and managing director of the company. “When we started FTIL, we had only one vision: to make Indian Technology IP and Brand among the most respected in the world that not just delivers shareholder value, but creates social impact in terms of job creation and benefits ecosystem. Today as we pass the baton to the new generation of leaders of FTIL, that vision remains unchanged as we move in to next trajectory,” said controversy child Jignesh Shah.

Board member and former chairman of Forward Market Commission commented, “The Board has full confidence in Prashant Desai’s leadership and operational capabilities to make FTIL the platform to create and grow India’s next 100 digital disruptors,” said Venkat Chary, Chairman of FTIL.

The company has also announced global IT industry veterans Nisha Dutt, Miten Mehta and founder of Gujarat Innovation Society, Sunil Shah as the new non-executive directors of the company.

The company also announced Jigish Sonagra and Rajendra Mehr as the new executive directors for the firm’s New Ventures and Member Technologies verticals. The Board reshuffle has led to the exit of Jignesh Shah’s brother Manjay Shah and his (Shah) long time colleague Dewang Narella from the company.

However, both Manjay Shah and Dewang Narella will head Tickerplant and Atom Technologies, respectively. It should be noted that both firms are subsidiaries of FTIL group.

Nevertheless, the company, in order to recognise Jignesh Shah’s contribution, has established the 'JS Digital Innovator Award'.

Praising Shah’s entrepreneurial skills, Chary added that “Jignesh's indomitable spirit has been the foundation of success of FTIL, and also significant contributor to India’s tech product success story and respect it now enjoys globally for new generation e-commerce and digital companies.”